Several stocks showed strong performance in the early hours of trading on October 17, 2024, with Rail Vikas Nigam Limited (RVNL), Infosys, and Tech Mahindra among the top gainers, leading the market momentum.
Rail Vikas Nigam Jumps Over 4% on Bagging ₹270 Crore Metro Project
Shares of Rail Vikas Nigam Limited (RVNL) surged more than 4.58%, trading at ₹501.60, after the company bagged a ₹270 crore metro project in Maharashtra. RVNL was declared the lowest bidder (L1) by Maharashtra Metro Rail Corporation Limited for the construction of elevated metro stations in Nagpur Metro Rail Project Phase-2. This news sparked positive sentiment among investors, pushing RVNL shares higher.
Infosys Surges Ahead of Q2 Results
Shares of Infosys Ltd climbed nearly 1.36% to ₹1,946.40 ahead of the company’s Q2 results, as investors remained optimistic about the IT giant’s performance. Infosys is expected to report a 10-15% year-on-year (YoY) increase in net profit, aided by the In-tech acquisition and a potential revenue guidance revision for FY25. Investors are also closely watching for the announcement of an interim dividend and any updates regarding demand environment, discretionary spending, and key financial metrics.
Tech Mahindra Up 0.76%
Shares of Tech Mahindra also gained in early trade, up 0.76% at ₹1,673.00, supported by positive market sentiment in the IT sector as major companies gear up for their earnings reports.
Other Top Gainers
- SBI: Trading 0.54% higher at ₹809.80
- Dr. Reddy’s Labs: Gained 0.60% to ₹6,751.75
- IRFC: Slight increase of 0.43% to ₹151.41
- Hindalco: Up 0.65% at ₹737.90
The early trading session saw a positive move in several large-cap stocks, especially in the IT and infrastructure sectors. Investors are keeping a close watch on upcoming earnings reports and macroeconomic developments.
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