Trending Stocks Today: Vodafone Idea Hops On Fundraise Plans As Tata Gold And Silver ETFs Thrive On Duty Hike

Mumbai, May 13:The most actively traded shares by volume on NSE saw a sharp jump on Tuesday with markets rewarding telecom and telecom related companies with huge gains after positive triggers. Policy also moved stocks as a duty hike saw silver and gold exchange traded funds soaring on expectations that investors will be piling in as physical imports of precious metals get costlier. In sum, the trendiest stocks all chose to go in one direction: Up.

Vodafone Idea (Up 6.6%)

Shares jumped after the company announced a board meeting to consider fundraising plans, lifting sentiment around the debt-laden telecom operator.

The company’s results are scheduled to be declared. The stock came under profit-booking in the previous session following a Bloomberg report a day before which said Vodafone Group is exploring options to transfer part of its stake to its Indian unit Vodafone Idea. The step is prompted by the Vodafone Group wanting to boost its Indian unit’s financial status in the wake of the Centre reducing Vodafone Idea’s outstanding spectrum dues.

Tata Mutual Fund Tata Gold Exchange Traded Fund (Up 4.9%)

Shares rose as government raised import duty on gold and silver to 15% from 6% in a bid to conserve foreign exchange reserves. The stock sees the policy moveas positive because costlier imports of precious metals could drive investors towardsETFs.

Tata Mutual Fund Tata Silver Exchange Traded Fund (Up 6.2%)

Shares gained after the government increased import duties on gold and silver to 15% from 6%, a move aimed at conserving foreign exchange reserves. The policy change lifted sentiment with investors viewing the higher tariffs as driving investors away from costlier imports of physical gold andpushing them towards paper gold instruments, such as ETFs, which provide exposure without the impact of higher import costs. The expectation of stronger flows into Tata Silver ETF helped boost the stock’s performance.

GTL Infrastructure (Up 6.2%)

Shares jumped after the telecom tower company posted a turnaround in results yesterday swinging to a net profit of Rs 1,185.6 crore in the March quarter from a net loss of Rs 249 crore a year ago. However, sales declined nearly two percentto Rs 330 crore, something that the traders chose to overlook.

Source:

• NSE