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Stocks that hogged limelight last week: Unitech, Biocon, RCom

NEW DELHI: After remaining cautious for the first three sess..

NEW DELHI: After remaining cautious for the first three sessions, benchmark indices staged a smart rally ahead of the first phase of Gujarat elections that concluded on Saturday.

Opinion polls suggesting the BJP retaining Gujarat, the RBI maintaining its 'neutral' view on the policy rate, and globally, the US Senate passing of tax overhaul bill and Britain securing Brexit deal were cheered by the domestic market.

The BSE Sensex ended up gaining 417.36 points, or 1.27 per cent, for the week to settle at 33,250.

The Nifty50 rose 143.85 points, or 1.42 per cent, to 10,265.65. For the week, gold and crude oil prices fell 1.7 per cent each. Before looking at stocks, which hogged limelight during the week, here's a quick look at who Sensex, Nifty50 stocks performed during the week.

Here's a look at stocks which hogged limelight during the week.

63 Moons Technologies:Shares of 63 Moons Technologies (formally Financial Technologies or FTIL) fell 31 per cent during the week after a Bombay High Court bench the company's petition challenging the government’s order to merge its scam-hit subsidiary National Spot Exchange Ltd (NSEL) with itself in public interest.

IRB Infra: The scrip fell 8 per cent this past week after the Central Bureau of Investigation (CBI) filed a charge sheet against chairman and managing director Virendra Mhaiskar, and 17 others, in a case pertaining to government land grab for a proposed township project.

Reliance Naval: This stock fell 6 per cent last week. The Bombay High Court has scuttled a last ditch attempt by the Anil Ambani company to prevent proceedings in the bankruptcy court, dismissing a petition by the company challenging the invocation of a corporate guarantee by IFCI, ET reported. The dedicated bankruptcy court will next hear the case on December 19.

Unitech: Shares of Unitech gained 19.7 per cent for the week. The National Company Law Tribunal (NCLT) on Friday suspended the eight directors on the board of the troubled real estate company and allowed the government to appoint its nominee directors.

Videocon: This stock jumped 26.7 per cent during the week. Videocon Group said that 3.19 per cent shares pledged by promoter group entities have been invoked by various pledgees.

Biocon: This stock surged 16.70 per cent last week after the drugmaker said that the USFDA has granted marketing approval to its biosimilar drug Trastuzumab. Meanwhile, a PTI report suggested that the company has received shareholders’ approval for transferring of biosimilars business by way of a slump sale to group entity Biocon Biologics India.

RCom: This stock fell 6 per cent for the week. The company said it has been in negotiations with China Development Bank, one of its largest creditors, even as the Chinese government banker has sought to club its insolvency petition against the Anil Ambani-led company with other petitions seeking the same.

Ruchi Soya Industries: This stock fell 12.6 per cent for the week, even as the company said that the crushing operations at key plants at Manglia near Indore, Nagpur, Kota and Washim have been on the uptrend by 30 per cent to 40 per cent as compared to the first half of the current year.

Original Article


ET Markets


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