Stocks Radar: Jaiprakash Power, Nalco, IDFC Bank and More

Indian equity markets were off to a positive start on Monday morning, riding on positive global cues and the anticipation of passage of the Goods and Services Tax Bill in the monsoon session of the parliament that commences today.

Here are the top movers in trade today

Jaiprakash Power: Proposed sale of plant

Shares of Jaiprakash Power Ventures Ltd. surged 4 percent to Rs 6.11 after the company, in its notification to the bourses, said that it will consider a proposal to hive-off and transfer the 500 MW Jaypee Bina Thermal Power Plant to its subsidiary company.

Nalco: Buyback approval triggers downslide

National Aluminium shares fell over 2 percent to Rs 47.25 after a buyback proposal for 64.43 equity shares of face value Rs 5 each was approved by the shareholders.

IDFC, Axis gain on foreign investment boost

The two private lenders gained in early trading hours after the Reserve Bank of India increased the total foreign investment limit for these banks.

• IDFC Bank gained 2.2 percent to Rs 52.7; foreign investment limit increased to 46 percent from earlier 24 percent.
  
• Axis Bank gained 1.3 percent to Rs 572.25; foreign investment limit increased to 74 percent from earlier 62 percent.

Autos in top gear 

The S&P BSE India Auto index was the best performing sector index on the Bombay Stock Exchange.

• Tata Motors (+2 percent at Rs 502.85)
  
• Maruti Suzuki India Ltd. (+1.9 percent at Rs 4547)
  
• Ashok Leyland (+1.7 percent at Rs 93.25)
  
• Bajaj Auto (+1.4 percent at Rs 2727.15)
  
• Hero Motocorp (+1.2 percent at Rs 3275.95)
  

Earnings watch

Hindustan Unilever, Mindtree and Exide are among the companies that will release their earnings for Q1FY17 today.

• Hindustan Unilever Ltd. (-0.4 percent at Rs 935.15)
  
• Mindtree Ltd. (-1.9 percent at Rs 625.70)
  
• Exide Industries Ltd. (+1.3 percent at Rs 182.15)
  

Reliance Industries too came out with their financial details for the first quarter on Friday evening. (Find out what happened?)

Shares of RIL were trading 0.4 percent higher at Rs 52.95 a scrip