Indian indices ended higher on the last trading day of the current financial year 2018-19, with the Nifty finished above 11,600 level.
At close, the Sensex was up 127.19 points at 38,672.91, while the Nifty was up 53.90 points at 11,623.90. About 1429 shares advanced, 1185 shares
declined, and 162 shares are unchanged.
During the financial year, the Sensex climbed 17 percent and Nifty50 gained around 15 percent. S&P BSE Sensex ended at 38,672.91, up 127 points while the broader Nifty50 closed above the crucial 11,600 level at 11,623.90, up 54 points.
Here’s a look at the top 10 stocks which moved the most last week:
Jet Airways: up 42.75%
Shares of Jet Airways rallied nearly 19 percent after founder Naresh Goyal on March 25 quit as a board member, with the lenders taking control and deciding to infuse Rs 1,500 crore immediately into the ailing airline. Etihad Airways has shown interest in bidding for Jet Airways and has already approached the State Bank of India-led consortium for the same, sources told CNBC-TV18.
American investment firm TPG is also interested in the cash-strapped airline, said the sources. It may make its bid with a partner fund. TPG had also shown interest in a stake in JetPrivilege in 2018. Apart from TPG, lenders have also reportedly reached out to the Tata Group for a potential investment in Jet Airways.
Dewan Housing: up 16.5%
Dewan Housing Finance Corporation Ltd (DHFL) soared over 12 percent during the week amid reports that Piramal Group and Baring Private Equity (PE) are in talks to acquire a majority stake in the company.
GMR Infra: up 13.79%
Shares of GMR Infra spiked 13 percent last week, it is raising Rs 8,000 crore from Tata Group, GIC and SSG Capital by selling a significant stake in its airport business, and is now evaluating demerger of the vertical into a separately listed entity. “The board has in principle okayed and advised us this the way forward,” said Sushil Kumar Modi, Group CFO, Strategic Finance of GMR referring to the demerger.
TTK Prestige: up 12%
TTK Prestige shares rallied nearly 5 percent intraday on March 29 after the board approved of a bonus issue, but the stock rallied 12 percent for the week. The kitchen appliances maker, on March 29, said the board approved and recommended the issue of bonus shares in the ratio of one equity share for every five shares held, as on a record date to be determined.
“The bonus issue of equity shares will be subject to approval of the shareholders and any other applicable statutory and regulatory approvals,” it added.
Balkrishna Industries: up 9%
Shares of tyre maker Balkrishna Industries added 9 percent for the week. The company said it is working on a Rs 2,000 crore expansion plan in India to meet the increasing demand of its products globally. The company is planning to set up a modern carbon black manufacturing facility at its plant in Bhuj, Gujarat.
“The company is working on a Rs 2,000 crore expansion plan,” BKT’s Chairman and Managing Director Arvind Poddar said
Power Finance Corporation: up 8.84%
State-owned Power Finance Corporation (PFC) on March 28 completed the acquisition of a majority stake in REC by transferring Rs 14,500 crore to the government, an official said. The transaction has helped the government meet its disinvestment target of Rs 80,000 crore for the current financial year.
“The entire consideration of Rs 14,500 crore for acquiring 52.63 percent equity of the Government of India in REC is paid by PFC through RTGS (real-time gross settlement) mode this morning,” an official said.
Jindal Steel & Power: up 7.83%
US Treasury Secretary Steven Mnuchin said on March 29 he had a “productive working dinner” the previous night in Beijing, kicking off a day of talks aimed at resolving the bitter trade dispute between the world’s two largest economies.
Trade talks with China are progressing “very well”, US President Donald Trump said, as top negotiators from the two countries on March 28 began meetings to resolve their tariff war with a working dinner.The meetings will lasted the entire day of March 29.
“Steel demand is expected to be robust in coming months. Steel prices saw a correction because raw material prices costs were high,” Naveen Jindal said.
Jindal also said that international prices of steel would determine the outlook for coming months in the domestic market.
State Bank of India: up 7.62%
State Bank of India shares gained more than a percent intraday on Thursday after Credit Suisse lifted earnings estimates on expected stronger net interest margin. While maintaining outperform call with a price target at Rs 350, Credit Suisse said growth remained healthy and SBI’s margin will expand further going ahead.
According to the investment firm, SBI may look to raise Rs 10,000 crore of capital at an opportune time for higher growth. Credit Suisse revised its FY19-21 earnings per share (EPS) estimates upwards by 4-5 percent on stronger NIMs & deferred capital raise.
Titan Company: 1 lakh crore market cap
The market capitalisation (m-cap) of Titan Company surpassed Rs 1 lakh crore for the first time ever. With a rally of over 3.50 percent, the m-cap of the company jumped to Rs 1,00,985.70 crore on March 29, up from Rs 98,073.70 on March 22. Before closing 0.69 percent up at Rs 1,137.50, the scrip scaled its all-time high of Rs 1,146 on Friday.
Vodafone Idea: down 43%
The telecom company said in its BSE filing that it is planning to raise Rs 25,000 crore via a rights issue. Vodafone Idea has proposed to issue 2000 crore new shares through a rights issue. Considering they currently have about 870 crore shares now, it’s a massive dilution. The ratio of the rights issue is at 87:38, meaning for every 38 shares held, you have the right to buy 87 shares. The issue price is at Rs 12.5 – a massive discount of 56 percent from the current price of Rs 28.50.
The board also fixed April 2 as the record date for the purpose of determining the shareholders who will be eligible to apply for the issue.