Six Stocks In News At Noon: Yes Bank, Coforge, Ola Electric Among Others

Indian Hotels, Senores Pharma, and J&k bank were among the stocks that made headlines on Tuesday around noon due to various financial developments.

The benchmark equity indices were trading lower, with the NSE Nifty 50 down by 0.31% at 24,384 and the Sensex 0.30% lower at 80,555.

Here is a look at the stocks that saw major movement around midday:

The share price for Yes Bank jumped as high as nearly 10% at Rs 19.44 apiece on Tuesday. The movement can be attributed to discussions of a potential stake sale by the bank to the Japan-based Sumitomo Mitsui Banking Corp., as per people familiar with the matter.

State Bank of India, currently the largest shareholder in Yes Bank, will likely be involved in the transaction. The proposed deal could pave the way for SMBC to eventually launch an open offer, to acquire a majority stake in the private lender.

According to a person in the know, the transaction will allow SMBC to have a stronger presence in India, beyond its three branches currently.

The share price for Ola Electric fell as much as 1.4% to Rs 49.84 apiece on Tuesday. The electric vehicle manufacturer clarified its stake over certain intellectual property. As per a business transfer agreement entered between Ola Electric and ANI Technologies Pvt., the company holds “a perpetual, royalty-free, non-exclusive, non-transferable, non-assignable, and revocable licence to use certain licensed IP, including the logo and/or wordmark of ‘Ola’," according to an exchange filing on Monday.

The stock moved in the green for Senores Pharma, rising as high as 6.36% at Rs 537.75 apiece on Tuesday, after the company signed an agreement with Wockhardt to acquire USFDA-approved Topiramate tablets, used to treat epilepsy and migraine. The market size of Topiramate Tablet in the US was $111.47 million.

J&K bank share price declined nearly 2% to trade at Rs 94.46 apiece on Tuesday. The lender announced its standalone Quarter 4 results on Monday. The net income was up 13% to Rs 1,480 crore versus Rs 1,306 crore last year, while the net profit went down 8.5% to Rs 584 crore versus Rs 639 crore in the same quarter last year.

Coforge share price rose as much as nearly 7% to Rs 7,999 apiece on Tuesday. The IT company came out with its consolidated Q4 results on Monday wherein it announced a stock split. Coforge saw an uptick in profit and revenue for the fourth quarter but missed the Bloomberg analysts' estimates. The board has also declared the fourth interim dividend of Rs 19 per equity share for the financial year 2025. The stock split is set to happen on June 4, 2025. Coforge will split each fully paid-up equity share of a face value of Rs 10 into two shares of a face value of Rs 5 each.

Indian Hotels stock saw a downward movement on Tuesday. The share price declined as much as 4.34% to Rs 767 apiece. The company announced its Q4 results on Monday. Revenue was up 27.3% to Rs 2,425 crore versus Rs 1,905 crore, Ebitda increased 30% to Rs 857 crore versus Rs 659 crore, margin expanded to 35.3% from 34.6%, and net profit was up 25% to Rs 522 crore. However, the earnings failed to meet analysts' estimates.

It drew mixed reactions from analysts following its fourth quarter results, with Macquarie and Morgan Stanley offering contrasting outlook on the stock. While both recognise the underlying strength in revenue performance, differences emerge over profitability and future growth projections.

Macquarie has maintained a 'neutral' rating and cut its target price to Rs 820 from Rs 840, whereas Morgan Stanley remains bullish, reaffirming its 'overweight' rating with a target price of Rs 864.