The Indian stock market stock gained over 1 percent last week with Sensex adding 557.38 points to close at 38,434.72, whereas Nifty settled at 11,371.60 clocking gains of 193.20 points or 1.73 percent.
Aarti Drugs | The stock surged over 48 percent for the week after the Board of Directors approved the issuance of fully paid-up bonus share. The Board of Directors at its Meeting held on August 20, 2020, have approved the issuance of fully paid-up bonus shares in the ratio of 3:1 i.e. 3 (Three) bonus equity shares of Rs 10 each for 1 (One) fully paid-up equity share of Rs 10 each, the company said in an exchange filing.
NTPC | The share price added 20 percent after brokerages maintained a buy rating on the stock after the company reported its June quarter numbers last week. On August 14, the company reported a 5.9 percent year-on-year (YoY) fall in consolidated net profit to Rs 2,948.94 crore in Q1 FY21 against Rs 3,132.73 crore in the corresponding quarter year ago. Morgan Stanley has an overweight rating with target at Rs 138 while CLSA has a buy rating with target at Rs 140.
Zee Entertainment | The stock price gained 19 percent after the company reported its June quarter earnings. The company on August 18, has posted 94.28 percent YoY fall in its consolidated Q1 net profit at Rs 30.37 crore versus Rs 530.57 crore. CLSA has retained a buy call with a target at Rs 255 per share. Macquarie has maintained an outperform rating with a target at Rs 250 per share. Morgan Stanley has maintained equal-weight rating and raised the target to Rs 150 from Rs 135 per share.
Adani Enterprises | The share price added over 18 percent after the central government cleared the award of airports at Jaipur, Thiruvananthapuram and Guwahati for redevelopment to Adani Enterprises. The Airports Authority of India will get Rs 1,070 crore upfront from handing over the airports for redevelopment, said Union minister for information and broadcasting Prakash Javadekar.
PNB Housing Finance | The stock gained over 15 percent after the board on August 19 approved raising equity capital worth Rs 1,800 crore through preferential/rights issue, the company said in an exchange filing.
Birlasoft | The share price was up 14 percent after the company entered into a global strategic cloud alliance with Microsoft. On August 18, the company announced a global strategic cloud alliance with Microsoft to help its clients to accelerate their digital journey. With this collaboration, Birlasoft is strategically positioned to support its enterprise clients with their cloud transformation needs, right from infrastructure to business applications.
Indian Overseas Bank | The stock price gained 13 percent after the bank posted a net profit of Rs 121 crore in April to June quarter as against a net loss of Rs 342 crore for the corresponding period of last fiscal year. Total deposits increased to Rs 2.25 lakh crore as against Rs 2.21 lakh crore but gross advances declined to Rs 1.31 lakh crore from R 1.47 lakh crore in the same period. Net Interest Income (NII) stood at Rs 1,412.32 crore in June 2020 up 9.61 percent from Rs. 1288.46 crore in June 2019.
Supreme Industries | The share price was up 12 percent after global brokerage firm Jefferies maintained a buy call on the stock and raised the target price by 5 percent. Jefferies maintained a buy and raised the target price to Rs 1,480 from Rs 1,410. Jefferies, as per CNBC-TV18, said the company's plastic pipes growth was supported by a higher value-added mix and new launches.
Tata Power | The stock jumped 12 percent after the company told the BSE of its plan to be one of the top two energy companies in India. The company, as per a BSE filing, plans to expand distribution footprint nationally, leverage technology to expand rooftop solar and solar pumps and create innovative, low-carbon solutions for customers through ESCO, home automation and EV charging. Global financial firm Morgan Stanley has maintained an 'overweight' view on Tata Power with a target price of Rs 62.
IDBI Bank | The stock price added 11 percent after the bank announced fundraising of Rs 11,000 crore by issuing shares through various modes after receiving the go-ahead from the shareholders. The centre has asked officials to speed up the process of trimming government stakes in the bank, Reuters reported.
