NEW DELHI: Benchmark equity indices climbed over half a per cent during the week gone by despite slow progress of monsoon, liquidity crunch in the NBFC space, leading to several debt defaults and global concerns. Uncertainty over the outcome of Sino-US trade talks on the sidelines of G20 made institutional investors stay on the sidelines.
For the week, BSE Sensex and NSE Nifty gained 0.51 per cent and 0.55 per cent, respectively. Nifty Bank climbed 1.56 per cent.
Here is a lookback at the stocks that turned out to be movers and shakers of the market though the week:
Cox & Kings: This stock eroded investor wealth like no one. It suffered a 39.75 per cent plunge over the week amid concerns over cash flow mismatch. On Thursday, the company defaulted on commercial papers worth Rs 200 crore. The situation was exacerbated by recent rating downgrades, the company said.
IFCI: Despite a 6 per cent drop each on Thursday and Friday, the scrip climbed 11.39 per cent for the week as the NBFC said it was looking to sell its 2.44 per cent holding in stock exchange NSE. At Rs 1,000 apiece, the stake sale could fetch IFCI over Rs 1,206 crore. IFCI’s m-cap as of Friday stood at Rs 1,558.62 crore.
Suzlon: This stock ended the week 15.38 per cent higher at Rs 5.25 on reports that Canadian investor Brookfield was keen to acquire a majority stake in it. The report said SuzlonNSE -2.86 % has offered a one-time settlement proposal to its lenders that entails a potential stake sale to Brookfield. The company said it would not comment on ‘rumours’.
Torrent Power: This power stock soared 15 per cent for the week to Rs 281.15 after GERC approved a power procurement arrangement for 278 mw between the company’s 382.5-mw Unosugen power plant and its licensed distribution business for Ahmedabad, Gandhinagar and Surat. The approval, with certain stipulations, is for the balance life of the plant i.e. 19 years.
DHFL: This scrip tanked 11.75 per cent on Friday to erase its weekly gains after the NBFC deferred the release of fourth quarter results, which were scheduled to be announced on June 29. The scrip fell 1.44 per cent for the week to end at Rs 72.10. DHFL will now announce March quarter earnings on July 13.
Sadbhav Infrastructure Projects: The scrip hit an all-time low of Rs 58.75 on Friday after Care Ratings slashed rating on its long-term bank facilities assigned to a special purpose vehicle (SPV) of Sadbhav Infrastructure to ‘default’ grade. For the week, the scrip was down 3.27 per cent at Rs 72.55.
Reliance Infrastructure: A Rs 7,000 crore order win for the Versova-Bandra Sea Link Project (VBSL) could not cheer this counter for long. The scrip ended 3.48 per cent lower for the week at Rs 55.50, falling in four of five sessions. Maharashtra State Road Development Corporation said it would take action against the company if it misses any milestone in the execution of the mega project and said it was closely monitoring it.
Larsen & Toubro: This counter ended the week flat even as the engineering and construction major bagged a turnkey contract for building a power generation project worth over Rs 7,000 crore. This order was one of the biggest that the company has received for power EPC and its first such order in three years.
IPO update: Among two mainboard IPOs that were to hit Street this week, the Rs 475 crore issue of IndiaMART InterMESH saw an overwhelming 36.21 times subscription even when many analysts had given ‘avoid’ ratings on the issue. The IPO of KPR Agrochem, on the other hand, was withdrawn a day before it was to hit the primary market on Friday.