NEW DELHI: The domestic equity market extended its winning run into the first week of FY20, with BSE
rising 0.5 per cent in five sessions to 38,862, and Nifty50 adding 0.36 per cent to 11,665.
Bouts of profit booking seen during the week could not deter the two indices from scaling record high levels and log seventh week of consecutive gains. Several stocks hogged limelight through the week, some for positive, others for negative reasons.
Here is a list of the ones that created maximum buzz:
Lakshmi Vilas Bank rallied on marriage talk
This stock was up 31 per cent this week amid reports the boards of the bank and that of NBFC Indiabulls Housing Finance would meet to discuss a possible merger. On Friday, the talks fructified. The merged entity would be known as the ‘Indiabulls Lakshmi Vilas Bank’. Shares of Indiabulls Housing Finance gained 5.4 per cent for the week.
RCom losing streak extended to 10th session
Friday marked the tenth straight session when RCom shares failed to close in the black. Punit Garg, executive director of the telecom company, has resigned from his position. Data showed Anil Ambani’s holding in the telecom operator has now fallen to 21.97 per cent from 37.57 per cent, data disclosed last week showed. The stock lost 21 per cent for the week to close at Rs 3.3.
Maiden REIT listing impressed investors
Units of Embassy Office Parks’ REIT ended the listing week at Rs 328.02, up 9 per cent over the issue price of Rs 300. The trust had beoame the country’s second-most valuable real estate company on its listing day.
Arbitration award lifted Bharat Road Network stock
A sudden surge in this stock made exchanges seek clarification from Bharat Road Network. The company cited Monday’s notification to BSE, which suggested a Rs 323 crore arbitration award received by one of its subsidiaries. This award size was one-third of the company’s m-cap of about Rs 1,100 crore on Friday!
Godrej Properties had many good news to share
The stock surged 20 per cent for the week. On Monday, the realtor said it sold Rs 2,900 homes for Rs 2,100 crore in March quarter, its highest ever. On Wednesday, it said it entered into a JV to develop a 4.25 acres sea-facing property in Mumbai. On Thursday, it announced a project in Vashi. The same day the company said it hiked stake in Wonder Space Properties.
JLR drove Tata Motors in high speed lane
Shares of Tata Motors climbed 18 per cent this week after the British arm JLR last week said it continued to execute turnaround strategy to deliver $2.81 billion of cash flow improvements by March 2020 and reaffirmed expectations of a financially better fourth quarter.
Zee dropped as stake sale plan got derailed
The stock fell 7.4 per cent last week to end at Rs 411.40 on Friday amid reports that
Corp’s bid to buy Subhash Chandra-controlled firm has been derailed on differences over valuation, pushing a rival consortium of US cable major Comcast to the forefront, four persons familiar with the development told ET. Meanwhile, fresh reports have emerged that Bharti Airtel and Reliance Jio may also make a formal proposal for a stake buy soon.
OMCs tumbled as crude prices hits 5-month highs
Shares of BPCL fell 9.64 per cent, HPCL 7.19 per cent and IOC 2.80 per cent to Rs 358.20, Rs 263.40 and Rs 158.20, respectively. Data suggests Brent futures for June series settled above $70 a barrel on Friday.