Top stock movers — Tata Motors, SBI Cards, Cochin Shipyard, Zydus Cadila, Cipla, Dr Reddy’s, MphasiS, and others

• The 30-share BSE index Sensex was up 228 points, and the NSE Nifty rose 0.59% at 9:55 am.
• Here’s a list of the top losers and gainers in the Nifty pack.
• These are the top stocks that are buzzing in trade today.
• Check out the latest news and updates on Business Insider.

Indian stock market indices opened on a higher note on Friday, tracking gains in index majors HDFC Bank, ICICI Bank and TCS amid positive cues from the global markets.

The 30-share BSE index Sensex was up 228 points, and the NSE Nifty rose 0.59% at 9:55 am.

Here’s a list of the top losers and gainers in the Nifty pack.
*as of October 23, 10:00 am

These are the top stocks in news today.

SBI Cards plunge over 10%

The shares of SBI Cards opened nearly 10% lower after the company reported a 46% dip in its net profit to ₹206 crore for the second quarter ended September 30. Bad loans due to spike in loan defaults remained the concern with its gross non-performing assets (NPAs) rising to 4.3% compared to the same period last year.

Bharti Infratel gains over 3%

Bharti Infratel shares soared over 3% after the telecom infrastructure firm’s overall revenue grew by about 2% to ₹3,695 crore during the second quarter ended September 30. However, its consolidated net profit dropped 24% to ₹733 crore for the quarter.

MphasiS up over 4%

The shares of IT services company MphasiS gained over 4% after its gross revenue grew 12.9% YoY in the second quarter ended September 30. The company said its net profit grew 9.5% YoY to ₹299.2 crore.

Biocon dips 1% post earnings

The shares of Kiran Mazumdar-Shaw led biopharmaceutical company Biocon dipped over a percent after the company reported a 23.8% drop in its net profit to ₹200.40 crore. The profit plunge is despite the 11.33% growth in its total revenue to ₹1,744.80 crore.

Zydus Cadila and Dr Reddy Laboratories up 1%, Cipla gains 2%

The shares of Pharma major Cipla, Zydus Cadila and Dr Reddy Laboratories were trading in green during the early hours of market opening. The boost comes in after the US regulators have given full approval for the antiviral drug remdesivir to treat COVID-19 patients in hospitals. The US Food and Drug Administration (FDA) said Veklury, the drug's brand name, cut the recovery time on average by five days during clinical trials.

Avenue Supermarts gains 1%, Cochin Shipyard leaps 5%

The shares of India’s largest shipbuilding and maintenance company, Cochin Shipyard gained over 5% after the founder of Avenue Supermarts, Radhakishan Damani bought 0.5% equity stake in the company for ₹394.14 per share. Avenue Supermarts also gained nearly a percent post the announcement.

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Top stocks to watch — Cipla, Zydus Cadila, Dr Reddy Laboratories, Tech Mahindra, Avenue Supermarts, Cochin Shipyard, and others