Connect with us

Hi, what are you looking for?

Finance

Week that was: Manpasand, HDFC twins, Avenue created all the buzz

NEW DELHI: It was a week marked by high volatility as the Ma..

NEW DELHI: It was a week marked by high volatility as the May series futures & options contracted expired. Equity benchmarks Sensex and Nifty50 ended the week up nearly 1 per cent despite falling in three out of five sessions, thanks to a big surge in the HDFC twins.

Global concerns such as the US trade war and political unrest in Italy and Spain weighed on investor sentiment. Foreign outflows, too, were a cause of concern.

GDP growth print for March quarter came in at the highest level in seven quarters, and the monsoon hit the Kerala coast early, creating some euphoria. But the setback for the ruling BJP in the by-elections and worries about RBI money policy review scheduled for next week weighed on market sentiments.

For the week, the Sensex rose 302 points, or 0.87 per cent, to 35,227, while the Nifty50 gained 91 points, or 0.9 per cent, to close at 10,696. The week saw many largecaps limit losses despite negative news flow. Midcaps and smallcaps bore the brunt.

Here is a look at the stocks that hogged limelight during the week gone by:-

Manpasand Beverages: 'Manpasand' in Hindi means favourite. But this stock was among the most-hated stock last week. The scrip lost 53 per cent of its market value through the week for lack of clarity as to why its auditor Deloitte Haskins & Sells India quit a few days before the declaration of annual results.

HDFC Bank: This stock was in the limelight on anticipation of fresh FII buying worth up to around $1 billion when Sebi opened a trading window for them for a day on June 1. The stock, however, did not see any such rally on Friday and settled 1.25 per cent lower for the day at Rs 2,109. Despite this, the scrip rose 4.9 per cent for the week.

HDFC Bank

Vedanta: This stock capped weekly losses at 1.5 per cent even as the Tamil Nadu government directed the state pollution control board to seal the Vedanta group's copper plant and close it down permanently following violent protests that left 13 people dead in police firing.

vedanta

ICICI Bank: Shares of this lender fell 2.3 per cent for the week after the lenders board ordered an independent enquiry, including a forensic audit, into new whistleblower allegations that CEO Chanda Kochhar violated the banks code of conduct, rules on conflict of interest and was part of quid pro quo dealings with certain bank borrowers.

ICICI Bank

Atlanta: This stock plunged 31 per cent last week after Price Waterhouse (PW), a network firm of PwC India, quit as auditor to BSE-listed construction and infrastructure company. Atlanta apparently refused to share details of an ongoing income-tax investigation and the resignation of an independent director.

Atlanta

Reliance Communication: Shares of Reliance Communications (RCom) were quite volatile during the week. The stock ended up rising 15.44 per cent for the week. RCom's tower arm reached a settlement with minority investors, including HSBC Daisy Investments, clearing the way for the sale of the telco's towers and fibre assets to Reliance Jio.

RCom

Avenue Supermarts: The week saw promoter and ace investor Radhakishan Damani completing the sale of 62.4 lakh shares of Avenue Supermarts. The shares sold constituted 1 per cent of the paidup equity share capital of the company, the company said in an exchange notice. Axis Capital arranged the transaction.

Avenue

Bajaj Auto, M&M: These two auto sector stocks climbed on surge in May sales data. Bajaj Auto rose 4.9 per cent for the week as the two-wheeler maker posted a 30 per cent rise in total sales at 4,07,044 units in May against 3,13,756 units in year-ago period. Mahindra and Mahindra (M&M), on the other hand, reported 12 per cent increase in total sales at 46,849 units in May.

Bajaj Auto

Fortis Healthcare: The stock rose in three out of five sessions. JM Financial Services, Singapore, Chairman Ravi Rajagopal has been appointed the chairman of the Fortis board, the company told stock exchanges on Friday. The development came as the board was expected to decide whether it would consider an expression of interest by KKR-backed Radiant Life Care for a deal with Fortis. The stock was up half a per cent for the week.

Fortis

Original Article

[contf]
[contfnew]

ET Markets

[contfnewc]
[contfnewc]

Finance

In an interview with ET Now, Dabur India Director Mohit Burm..

Science

The 147th Open championship will be at Carnoustie Golf Club in Scotland. Jan Kruger/R&A Golfers ..

Tech

Enlarge Oliver Morris/Getty Images) In response to an Ars re..

Tech

Enlarge/ You wouldn't really want to use Nvidia's ..