The week that was in 10 stocks: RIL, Kotak Bank climb ranks; Jet takes wings again
NEW DELHI: Benchmark equity indices continued to consolidate for a third week with an upward bias, with NSE barometer Nifty50 finally taking out the crucial 10,650 level, suggesting more upside ahead. There was optimism globally that the US-China trade war would ease, even though developments around the Brexit deal remains an overhang.
At home, the earnings season was in its last leg and could only generate stock-specific actions. Macro data released during the week were a mixed bag.
The BSE Sensex ended the week up 298 points, or 0.85 per cent, higher at 35,457, while Nifty50 added 97 points, or 0.92 per cent to settle at 10,682.
Heres a look at the stocks that hogged limelight during the week:
Jet Airways: This stock surged 34.75 per cent for the week amid reports that the airline was in preliminary discussions with Tata Sons for a possible merger and acquisition. Tata Sons said it was yet to make any formal proposal to take over Indias second-biggest airline by revenue.
YES Bank: Shares of this private lender dropped 16 per cent for the week amid back-to-back resignations by senior officials. First it was non-executive chairman Ashok Chawla and later former State Bank of India Chairman OP Bhatt – who was a member of a panel to identify a new managing director and CEO for the bank – tendered his resignation.
Adani Transmission: This stock jumped 21.51 per cent for the week, as MSCI announced inclusion of this scrip in the MSCI Global Small Cap index. The changes in the constituents will take place from November 30.
PC Jeweller: The jewellery maker had a devastating week, as poor earnings dragged its September quarter profit by 37.76 per cent to Rs 93.72 crore, wiping out its market value by one-fifth in five sessions. The stock fell 19.05 per cent for the week.
Ashok Leyland: It was a week of resignations, it seems. Ashok Leylands MD & CEO Vinod Dasari resigned, overshadowing an otherwise strong showing by the truck maker for September quarter. The stock ended 10.72 per cent higher for the week.
Sun Pharmaceuticals: A surprise Rs 218.82 crore loss in September quarter results made analysts cut earnings estimates for India's top drug maker, leading to a 4-12 per cent cut in price target for the stock. The scrip reacted to the poor numbers and slipped 12.80 per cent for the week.
Zee Entertainment: This stock was in focus during the week after the Subhash Chandra-led promoters group showed intent to sell or divest up to 50 per cent of equity stake in the company to a strategic partner. The aim, the company said, is to pursue disruptive technological development and transform the business into a tech-media company. The scrip fell 1.45 per cent for the week.
Kotak Mahindra Bank: The private sector lender pipped Maruti Suzuki to storm into the club of top 10 firms by market capitalisation on BSE. On Friday, Kotak Mahindra Bank's market capitalisation stood at Rs 2,22,656.33 crore, exceeding Marutis Rs 2,21,486.61 crore.
Reliance Industries: The oil-to-telecom major reclaimed the pole position by becoming the most-valued company in terms of market capitalisation. At Rs 7,14,668.54 crore in market capitalisation, the stock beat salt-to-software maker TCS (Rs 7,06,292.61 crore) in market value by the end of the week.
ONGC, IOC and Oil India: Shares of IOC (up 1.16 per cent), ONGC (up 0.06 per cent) Oil India (down 0.20 per cent) ended mixed for the week amid reports that the government was planning to offload shares worth $2 billion in the three companies to help meet this years divestment target.