Gainers & Losers: Top 10 stocks that moved the most on July 2

HDB Financial shares listed at a decent premium of about 13 percent over its IPO price on the National Stock Exchange (NSE) on Wednesday, July 2. The shares then rose 0.63 percent to close at Rs 840.25 apiece. The listing of the shares of the subsidiary of HDFC Bank was better than the expectations in the grey market which had priced in a 8-10 percent gains on the listing day for the allotted investors.

Tata Communications

The shares of Tata Communications jumped nearly 5 percent on July 2 after Macquarie issued a bullish note for the stock. Macquarie initiated coverage on Tata Communications with an 'Outperform' rating and a target price of Rs 2,300 per share, CNBC-TV18 reported. This implies an upside potential of over 30 percent from the previous closing price.

RITES

Shares of state-owned RITES Ltd rose over 6 percent on Wednesday after the engineering consultancy firm announced securing two new orders, including one from Africa and another from Indian Railways. The stock climbed 7.44 percent to hit an intraday high of Rs 299.8 on the NSE, rebounding after two straight sessions of decline. It opened 2.13 percent higher.

Globe Civil Projects

The shares of newly listed stocks recorded notable losses on July 2, a day after they debuted on stock markets. This comes as investors may have resorted to profit booking at elevated levels. Globe Civil Projects shares had listed with 27 percent premium to IPO price at Rs 90 per share on July 1. The stock then rallied further to close at Rs 94.5 percent by the end of its debut day.

However, the shares of Globe Civil Projects tumbled over 5 percent on July 2 to remain locked in the lower circuit Rs 89.73 apiece, erasing all gains recorded in the previous day and falling below their listing price. The stock is still over 26 percent higher than its issue price of Rs 71 per share.

Raymond Realty

Realty stocks extended their losing streak for the fifth straight session on July 2, with the Nifty Realty index slipping further in line with broader market weakness. Raymond Realty, Prestige Estates Projects and DLF were among the major laggards.

Asian Paints

Paints leader Asian Paints Ltd shares sank intraday on Wednesday, July 2, after the Competition Commission of India (CCI) has ordered its director general (DG) to investigate allegations of abuse of market dominance by the firm. However, the shares later recovered all losses to jump over 2 percent and close at Rs 2,426.30 apiece.

RBL Bank

The shares of RBL Bank tumbled over 2 percent on July 2 after the lender denied a report claiming that Dubai government-owned Emirates NBD Bank PJSC is looking to acquire a minority stake in the lender. The shares of the bank snapped a four-day gaining streak to trade at Rs 253.87 apiece.

SBI Cards

The shares of SBI Cards dropped nearly 2 percent on July 2 after Goldman Sachs issued a bearish note for the stock. The shares of the company were trading at Rs 914.50 apiece in the afternoon. Goldman Sachs downgraded the shares of SBI Cards and Payment Services to 'Neutral' from its earlier 'Buy' call, and kept a target price of Rs 1,006 per share, according to CNBC-TV18. The target price implies an upside potential of nearly 8 percent over the previous closing price.

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