JP Associates, Vodafone Idea, IRB Infra, Welspun India shares surge amid high NSE volumes

Jaiprakash Associates Ltd,  Vodafone Idea Ltd, Jaiprakash Power Ventures Ltd and IRB Infrastructure Developers Ltd jumped up to 13 per cent in Monday's trade amid heavy volumes.  M&M Financial and IDFC First Bank Ltd were among stocks that fell up to 11 per cent amid high volumes. Reliance Industries Ltd, HDFC Bank Ltd, Maruti Suzuki Ltd and Tata Motors Ltd led the turnover table on NSE, data on most-active stocks showed.

Vodafone Idea topped the volume chart, with 26,59,88,066 shares worth Rs 305 crore changing hands. The stock climbed 7.80 per cent to Rs 11.75 after the bank reported its September quarter results. JM Financial said while the Vodafone Idea's near-term survivability is ensured due to the government’s reform measures, improved capex as well as tariff hikes are required to ensure a strong sustainable telco in the long term.

JP Associates soared 12.93 per cent to Rs 13.15, as Rs 172 crore worth 12,03,09,891 company shares changed hands on the counter. JP Power shares advanced 1.6 per cent to Rs 9.45. A total 9,19,88,196 JP Power shares worth Rs 86 crore changed hands so far.

IDFC First Bank tanked 3.08 per cent to Rs 9.45, as 5,05,36,675 IDFC First Bank shares worth Rs 419 crore changed hands. In its Q2 results,  the bank reported some sequential softness in cost income and return on asset due to flattish other income and continued opex, analysts said.

"We cut FY24E/25E PAT by 2 per cent each, but see continued strength in business growth with improving RoA. For FY23–26E, we estimate 25 per cent/28 per cent CAGR in loan/PAT - amongst the highest in our coverage," ICICI Securities said.

Reliance Power added 0.60 per cent to Rs 16.90. A total of 4,23,24,503 company shares worth Rs 71 crore changed hands. YES Bank shares inched up 0.31 per cent to Rs 16. A total of 4,22,95,728 YES Bank changed hands worth Rs 67.50 crore.

IOB Ltd fell 1.46 per cent to Rs 40.55 as 4,07,30,149 shares worth Rs 163 crore changed hands. Welspun India Ltd, Punjab National Bank (PNB), IRFC Ltd and Zomato Ltd added up to 7 per cent amid high volumes.

In turnover terms, Reliance Industries Ltd (RIL) topped the chart. The oil-to-telecom major saw a turnover of Rs 1,207 crore. It was followed by HDFC Bank that saw a total turnover of Rs 796 crore. Maruti Suzuki India, M&M Financial, Tata Motors Ltd and Welspun India also saw high turnovers. Both RIL and Maruti Suzuki advanced after Q2 results. Analysts are largely positive on the two NIfty stocks.

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