After turmoil due to Covid fears, the Indian benchmark indices opened on a positive note amid mixed global cues on the last trading week of the year. In the late morning session, BSE Sensex was trading higher at the 60,500 level, while NSE Nifty 50 was trading above 18,000.
As the markets gained momentum, here are 6 BSE stocks that rallied by more than 10 percent in the early hours:
Yes Bank (NS: YESB ) Limited
The shares of Yes Bank started the first day of the week on a stronger note as it opened at Rs 17.60 and gained more than 11 percent to trade at Rs 19.30 till 11.40 am on Monday. In the past six months, the stock has zoomed by 50 percent.
The shares of YES Bank rallied after it announced that the bank has transferred invoked shares of seven companies held by it, including Dish TV (NS: DSTV ), to JC Flowers ARC under the arrangements to sell stressed loans worth ₹48,000 crores.
Union Bank of India (NS: UNBK )
The shares of Union Bank of India (NS: BOI ) started rallying on Monday after a week’s downfall. The shares opened at Rs 68.50 and gained approximately 11 percent till 11.40 am to trade at Rs 74.85 levels. In a six months time frame, the stock has delivered a multibagger return of 115 percent.
According to BSE filing, the public sector lender said that it had raised Rs 663 crores via Tier I Capital Bonds to finance its business expansion
Indian Overseas Bank (NS: IOBK )
The shares of the PSU bank opened at Rs 26.80 a piece and scaled up by more than 12 percent to trade at Rs 29.55 levels. Similar to other bank stocks, the shares of Indian Overseas Bank have rallied by more than 75 percent in the last six months.
To further expand its business, the bank said that it plans to spend Rs 1,400 crores over the next three years to digitise its business.
The shares of the Leela Group company HLV limited opened at Rs 10.75 a piece and zoomed by more than 13 percent to trade at Rs 12.40 levels. The hotel stock has gained more than 38 percent in the last six months.
The stock rallied as the holiday season for Christmas and New Year’s kicked in. “The hospitality industry has witnessed about 125% growth compared to pre-pandemic levels and is all set to ring in Christmas and New Year festivities,” said the Federation of Hotel & Restaurant Associations of India (FHRAI).
South Indian Bank (NS: SIBK ) Limited
The shares of the private sector bank opened at Rs 15.75 and gained as much as 13 percent to trade at Rs 17.50 levels. The bank stock has delivered a multibagger return of 129 percent in the last six months.
The stock has been rising after the bank reported a strong net profit in Q2FY23. In addition to that, the bank has also seen an improvement in its asset quality and is now lending to creditworthy corporates, notwithstanding the bank’s conscious focus on retail, small, and small & medium-sized enterprise (SME) borrowers.
Lloyds (LON: LLOY ) Steels Industries Limited
The shares of Lloyds Steels Industries opened at Rs 13.45 levels and gained more than 14 percent in the first half to trade at Rs 14.95 levels. The stock has been on an uptrend and gained approximately 52 percent in the last six months.
The shares of Heavy Equipment manufacturer have been rising significantly after the company reported strong Q2 results where its net profit stood at Rs 7 Crore up from Rs 1 crore Year on Year.
Written by Anoushka RoyThe post BSE Stocks that rallied more than 10% today; Do you hold any? appeared first on Trade Brains.
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