Movers & Shakers | 10 stocks that moved the most last week
The Nifty midcap 100 index climbed 5.2 percent and the smallcap index gained 3.8 percent in the week gone by. The rally is expected to continue in the coming weeks, say experts .
The market ended the first week of 2021 on a new high, rising 2 percent for the second week in a row. The Sensex rallied 913.53 points to 48,782.51 and the Nifty jumped 328.75 points to 14,347.25.
IDFC First Bank | The stock price added 18 percent after the lender reported a 100 percent rise in retail deposits YoY and 18 percent QoQ. The bank reported a 41 percent rise in customer deposits in the third quarter of the fiscal to Rs 77,289 crore as on December 31, 2020 from Rs 54,631 crore on December 31, 2019, it said in a regulatory filing. Retail Deposits (CASA and term deposits) increased 100 percent YoY to Rs 58,435 crore on December 31, 2020 from Rs 29,267 crore in the year-ago period and 18 percent QoQ from 49,610 crore as on September 30, 2020.
Shriram Transport Finance | The share price gained 21 percent after the company approved the issuance of Senior Secured Notes (Social Bonds) due 2024 aggregating $500 million at a coupon rate of 4.4 percent. The issue price of the notes, which mature on March 13, 2024, is "99.99 percent of the Aggregate Nominal Amount", the company said in a regulatory filing. The issue date of the notes, which will be listed on the Singapore Exchange Securities Trading, will be January 13, 2021.
Polycab India | The share was up over 20 percent. The company informed the exchanges that it had allotted in aggregate 21,050 equity shares of face value of Rs10 each to its employees. The employees who had exercised their options under the ESOP schemes namely, Polycab Employee Stock Option Performance Scheme 2018 and Polycab Employee Stock Option Privilege Scheme 2018, were allotted 18,800 and 2,250 shares, respectively.
Alkyl Amines | The stock jumped over 24 percent after the company said its board would consider a stock split and setting up a new project including amines in its February 2 meeting. The board will also declare an interim dividend. "The board of directors of the company is scheduled to meet on February 2 to consider the proposal of sub-division of equity shares of the company from the face value of Rs 5 to a lower denomination. The board will also consider the proposal for setting up of new project(s) including Amines," the firm said.
RBL Bank | The share was up 14 percent last week. Global research firm CLSA initiated coverage on the stock with a 'buy' rating and target of Rs 330. CLSA is bullish as the bank looks to shift focus away from corporate loans to retail loans. The brokerage firm expects the private sector bank to report a 13 percent return on equity by 2022-23, especially as credit costs normalise with the easing of the COVID-19 pandemic.
Ashok Leyland | The stock gained over 13 percent last week. Japanese brokerage firm Nomura has retained the 'buy' call on the stock with the target raised to Rs 134 per share. It is of the view that stronger M&HCV recovery is likely, adding the company would benefit from its higher share in high tonnage trucks. It believes that the new LCV range is an added upside and valuation is attractive at the current level. The Hinduja flagship firm reported a 14 percent increase in its commercial vehicle sales at 12,762 units in December 2020.
Vedanta | The stock price rose 13 percent. The promoters of the mining conglomerate have made an open offer for up to 37.2 crore shares. According to CNBCTV18 reports, the promoters made an open offer for up to 37.2 crore shares (10 percent equity) at Rs 160 per share, which is over a 12 percent discount to the current market price.
Dixon Tech | The share gained over 12 percent after the company said it had entered into an agreement with boAt for manufacturing twin wireless speakers. "Dixon Technologies (India) Limited and boAt have entered into an agreement for manufacturing of twin wireless speakers. Dixon shall be manufacturing the said products from its manufacturing facility located at Noida, Uttar Pradesh," the company said in a statement on January 6. Ruchit Jain, Senior Analyst - Technical and Derivatives at Angel Broking, recommends holding the stock for further up move. Since, it is in unchartered territory, following a trailing stop loss method would be the best way to ride this trend.
Suzlon Energy | The stock added over 14 percent after the company announced it has approved allotment of over 2 crore equity shares with a face value of Rs 2 on the conversion of $3,125 denominated convertible bonds due 2032 with a face value of $320. The bonds were converted at a price of Rs 2.61 per share. "Post aforesaid allotment, the paid-up capital of the company is Rs 1672,93,34,764 divided into 836,46,67,382 equity shares of Rs 2 each," the company said in a regulatory filing.
Info Edge | The share price was up 13 percent last week. Info Edge India, which owns 19.3 percent in Zomato, hit record high on reports of the online food delivery platform planning to go public. Zomato is planning to launch an initial public offering in the first half of 2021, Financial Express reported.