Movers & Shakers | 10 stocks that moved the most last week
In the coming week, the market will first react to April's industrial output data. Overall, the momentum is expected to continue but with some consolidation as the key indices have gained 7.6 percent each in the last four weeks, say experts.
The market extended gains for the fourth consecutive week, scaling new highs on June 11, as a consistent decline in fresh coronavirus cases with a pick up in vaccination drive and easing restrictions by states raised hopes of a faster economic recovery. The broader markets also joined the rally with the BSE midcap index rising 2 percent and smallcap 3.5 percent. All sectoral indices, barring bank and capital goods, witnessed healthy buying interest. IT, FMCG, healthcare, metals, and infrastructure were leaders.
RIL PP | The stock jumped over 60 percent last week after the company's partly paid-up shares relisted on June 10 at Rs 1,570, registering a 60 percent gains over the delisted price on May 10. These shares were delisted at Rs 982.05. Billionaire Mukesh Ambani-owned Reliance Industries last year issued 42,26,26,894 partly paid-up equity shares (rights equity shares) for cash at a price of Rs 1,257 per rights equity share to the eligible equity shareholders, to garner Rs 53,124.2 crore. Disclosure: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Adani Power | The share price jumped 40 percent in the week gone by. Gautam Adani-led port-to-power conglomerate Adani Group is preparing to raise nearly $1 billion in 2021 through an initial public offering (IPO) by Adani Wilmar, people familiar with the discussions told Moneycontrol. BSE has revised the circuit limit for a total of 544 stocks, including 263 stocks where the circuit limit has been increased to 10 percent from 5 percent earlier. Seven stocks' circuit limit, including for Adani Power, has been revised from 5 percent to 20 percent.
Mazagon Dock | The share price gained over 18 percent after the company reported a manifold jump in consolidated net profit at Rs 230.54 crore for the quarter ended March 2021. The company had reported a profit of Rs 41.55 crore in the corresponding period of the previous fiscal. Its revenue from operations grew by 6 percent in the quarter under review to Rs 1,105.11 crore from Rs 1,043 crore in the year-ago period.
Tata Power | The stock added 16 percent after CCI cleared Tata Power's acquisition of stakes in three Odisha power utilities. Tata Power Company's proposed purchase of a 51 percent stake each in three power utilities in Odisha has been cleared by fair trade regulator CCI. The company is to buy stakes in Western Electricity Supply Company of Odisha (WESCO), Southern Electricity Supply Company of Odisha Ltd (SOUTHCO) and Central Electricity Supply Company of Odisha Ltd (CESCO).
Indiabulls Housing Finance | The scrip added more than 9 percent last week. Blackrock Fund acquired more than 25 lakh shares in Indiabulls Housing Finance on June 11, taking its stake in the mortgage lender to more than 3 percent. Blackrock Emerging Markets Fund bought 25,50,957 shares in Indiabulls Housing Finance (representing half a percent of total paid-up equity) at Rs 287.84 a share on the NSE, the bulk deals data showed. Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities suggests holding the stock. For the trend following traders, Rs. 265 and 255 would be the key levels to watch out for in the next few sessions. The overall chart structure suggests that if the stock sustains above the same, a breakout continuation texture is likely to continue up to Rs. 310-335, he said.
Balrampur Chini | The stock gained 9 percent last week. Sugar stocks are in focus as the government brought forward the target date for achieving 20 percent ethanol-blending with petrol by two years to 2023 to help reduce the country's dependence on costly oil imports. Balrampur Chini Mills reported a 2.46 percent year-on-year decline in consolidated profit during the quarter ending March 31 at Rs 235.50 crore.
SAIL | The scrip added 10 percent after the company posted a 31 percent jump in its consolidated net profit at Rs 3,469.88 crore for the quarter ended March 31, 2021, mainly on account of higher income. The company had clocked Rs 2,647.52 crore net profit during the January-March period of the fiscal year 2019-20, Steel Authority of India said in a regulatory filing. On a standalone basis, SAIL's net profit grew to Rs 3,443.80 crore, from Rs 2,725.16 crore in the same period of 2019-20.
Power Grid | The share price was up over 8 percent after the company's board said it will meet on June 17, 2021 to consider a proposal to issue bonus shares. On the same day, the company's board will also consider the audited annual financial results of the company for the financial year (FY) 2020-21 and recommend a final dividend for FY 2020-21, if any.
Cera Sanitaryware | The stock gained over 7 percent after the company reported a 33.6 percent jump in consolidated net profit to Rs 47.91 crore for the fourth quarter ended March 31. The company had posted a net profit of Rs 35.85 crore during the corresponding period of last fiscal. The company's board of directors has recommended a dividend of Rs 13 per equity share.
Varroc Engineering | The stock price was down over 13 percent after the company reported a weak set of numbers for the March quarter of FY21, with a consolidated loss of Rs 144 crore due to poor operational performance of the Global Lighting Business (VLS). The auto ancillary company had posted a loss of Rs 137 crore in Q4FY20.