Markets

The week that was: JP Associates surges 50%; TCS slips on Tata Sons stake sale

NEW DELHI: Concerns over trade wars globally and political uncertainty back home played spoilsport as the BSE Sensex slumped 835 points in last two sessions to settle for the week in the red.

The 30-pack index tanked 131.14 points, or 0.39 per cent, during the week to close at 33,176.00. The NSE barometer Nifty declined 31.70 points, or 0.31 per cent to close at 10,195.15 on Friday.

Among sectoral indices, consumer durables, banks, FMCG, Power and Healthcare were among top gainers, while IT, metal, capital goods, auto and oil and gas, among others registered losses.

Here’s a list of stocks that hogged limelight during the week.

JP Associates: This stock was back in news last week after Rakesh Jhunjhunwala's Rare Enterprises bought 3 crore of company's shares on Thursday at Rs 18.37 per share, amounting to nearly Rs 55 crore. The stock shot up 49.82 per cent for the week. The company's standalone net loss narrowed to Rs 148.10 crore in the third quarter.

TCS: The Tata Group major tumbled 6.88 per cent last week after Tata Sons sold 3.2 crore shares of the company in block deals worth Rs 8,992 crore traded. ET had earlier reported that Tata Sons will sell a 1.48 per cent stake in the IT services firm to raise Rs 8,127 crore ($1.25 billion) as it looks to retire debt and invest in group firms across sectors such as auto and steel.

Fortis Healthcare: The stock climbed 7.15 per cent for the week amid reports that Malaysia’s IHH Healthcare Bhd was set to launch a voluntary open offer to buy the non-promoter shares of Fortis Healthcare in the next few days, nine months after walking out of bilateral negotiations with promoters Malvinder and Shivinder Singh who were then in control.

Claris Lifesciences: The drugmaker discontinued from trading on BSE with effect from March 15. The stock closed at Rs 396.55 on that day. The scrip will be delisted from the exchange with effect from March 22. The company had applied for delisting of the equity shares from the exchange on February 26.

YES Bank: Private sector lender Yes Bank rose 3 per cent for the week. During the week it sold 2.17 per cent of its total 17 per cent stake in Fortis Healthcare. In a regulatory filing, Yes Bank said it had sold 11.2 million shares representing 2.17 per cent stake of Fortis Healthcare in the open market between February 23 and March 15.

Indian Bank: This stock rose on all the five trading sessions of the week. Indian Bank has been the only bank with a better performance than SBI in terms of NPAs in the entire PSU space, Abhimanyu Sofat, VP- Research, IIFL, said. The bank on Monday told exchanges that it will pay the annual interest on Basel III compliant AT 1 Bonds on March 31, 2018, as the due date, i.e., March 30, 2018 falls on a holiday under Negotiable Instruments Act, 1881.

ITDC: Shares of ITDC soared 29 per cent last week. The company said it has no such information which has been due for disclosure to investors. Presently, ITDC has a network of eight Ashok Group of hotels, five joint venture hotels, 1 restaurant, 11 transport units, 9 duty free shop at airport and seaports and two sound & light shows.

ICICI Bank: Shares of this bank rose 2 per cent for the week. The IPO of ICICI’s broking arm ICICI Securities will open for subscription on March 22. The price band for the IPO has been fixed at Rs 519 to Rs 520 per share. The announcement was made after market hours of Wednesday.Shankara Building Products: This stock ended 0.7 per cent lower for the week. During the week, Amansa Holdings purchased bulk shares of the company through open market transactions. Amansa Holdings purchased 1,47,216 shares of Shankara Building Products at Rs 1,755 per share in a bulk deal on the BSE on March 12. It also bought 2,15,000 shares at Rs 1,755 in a bulk deal on the National Stock Exchange (NSE).

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