5 Stock In News On November 2, 2020

In a crucial week for global equities on account of the US Presidential elections, Asian markets started on a mixed note while SGX Nifty indicates a positive opening for the Indian indices. Here are few stocks to be watched out today: Shares in Hero Motocorp gained over 2% to days high price of Rs. 2890 per share on the BSE on November 2, 2020. This is after the New-Delhi based two-wheeler company for the October month reported the highest ever monthly sales of 8.06 lakh units. On a year-on-year basis also the company posted 34.77 percent increase in its domestic wholesales to 7,91,137 units on the back of strong revival in sales of entry-level bikes in rural and semi-urban markets.The company has also strengthened its inventory base at dealerships across the country in anticipation of better sales during festivities. ICICI Securities has maintained a ‘Hold rating on the Hero Motocorp counter on the premise that near term demand trends could support the companys growth.Advertisement Shares in ICICI Bank rallied over 6% to Rs. 418.65 shares apiece on the BSE. On Saturday, the private sector lender posted good set of numbers for Q2FY21. Its net profit for the three months to September surged six times to Rs. 4251.33 crore as against Rs. 654.96 crore reported for the same period last year. NII also rose 16 percent to Rs. 9366 crore in the period under review when compared to Q2FY20 where NII came in at Rs. 8077 crore. Shares of oil to telecom conglomerate RIL in early deal today slumped as much 5.5 percent on the BSE to days low price of Rs. 1940.5, its lowest price in three months. On the NSE, the stocks days low price had been Rs. 1940.05. The share price of Reliance Industries fell sharply even as most brokerages retain their bullish recommendations on the counter after its second quarter earnings wherein its net profit for the September quarter fell 15%. Shares of Equitas Small Finance Bank listed today on the Indian bourses at a discount of 5.7 percent at Rs. 31.10 on the NSE in comparison to its IPO issue price of Rs. 33 per share. The companys IPO that opened between October 20 and October 22 to aggregate Rs. 518 crore was subscribed 1.95 times. Shares of private sector lender IndusInd Bank today jumped over 7 percent to Rs. 629.75 per share following its Q2FY21 results. The banks consolidated net profit came in at Rs. 663.1 crore for the September quarter higher than the previous quarters profit of Rs. 510.39 crore. Total income for the quarter came in at Rs 8,731.52 crore against Rs 8,682.17 crore QoQ and Rs 8,877.53 crore YoY.Nomura has maintained a ‘Buy recommendation on the stock with a target price of Rs. 725 per share. The company anticipates RoE to normalize going ahead to 14 percent in FY23 from 8/12 percent in FY21/22. Further the research firm opens that the current valuation of 1x FY22F P/BV is inexpensive.GoodReturns.in