5 Stocks In News On October 30, 2020

After a subdued start in line with Asia Pacific stocks, Indian indices at the time of writing this report traded higher with Nifty above 11700 points, up 0.42% or 48.8, while Sensex also gained to 39869.23, up 119.38 or (+0.30%). Nifty Midcap index however outperformed the benchmark indices and gained over 1 percent. India VIX, a measure of volatility in Indian stock markets, also inched lower by 0.92 percent.

Here are the 5 stocks in news today for stock-specific reasons:

1. Angel Broking:

In a bulk deal, Kuwait Investment Authority acquired half a percent or 4.3 lakh equity shares in broking firm Angel Broking at a price of Rs. 321.73 per share, data on the NSE revealed. The recently listed brokerage firm posted stellar Q2FY21 results with the highest ever consolidated profit in a quarter at Rs. 74.47 crore. The stock on the deal moved higher by over 16% to Rs. 379.3 per share on the BSE.

2. Reliance Industries:

Shares in Reliance Industries ahead of its Q2FY21 results announcement today in early deal gained to hit day's high level of Rs. 2050.85 per share on the BSE. This is a gain of over 1% in comparison to previous day's close of Rs. 2026.55. In its retail business, the conglomerate is seen to post strong rebound as the lockdown eased. Also, its telco unit Jio will stand pat on all the parameters in its earnings with addition of over 10 million new customers in September ended quarter.

3. HPCL:

As the centre nudged PSUs to help scale up its non-tax revenues, after NTPC, HPCL in its board meet scheduled for November 4, 2020 will consider share buyback. The refining company will consider buyback of the fully Paid equity shares of face value of Rs 10 each of the company. On the news the HPCL stock moved higher by up to 5% to Rs. 189.15 per share on the BSE.

4. Vodafone Idea:

Shares of debt-ridden telco Vodafone Idea gained over 6% in trade on Friday (October 30, 2020) after the company logged sharp narrowing of its losses to Rs. 7218.2 crore in Q2FY21. In contrast, losses in the same quarter a year ago stood at a massive Rs. 50897.9 crore owing to provisioning for statutory due payments. Income at the firm however edged lower y-o-y to Rs. 10,830.5 crore, a decline of 3 percent as against Rs. 11146.4 crore in the same quarter a year ago. Also, management commentary has also been optimistic with the company's MD and CEO iterating that "We are executing on our strategy and our cost optimization exercise has already started to yield incremental savings."

5. InterGlobe Aviation

The parent company of low-frill air carrier Indigo, Interglobe Aviation, also had a good start in today's deal after the company put off its QIP plan till December end. Also, the airline announced its plans to raise debt for meeting its liquidity needs. The stock last quoted at Rs. 1338.20, after hitting an intra-day high of Rs. 1346.

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