Saturday, November 28

Market Movers: YES Bank, Videocon hit upper circuits; Voda most active stock

The stock of bankrupt Videocon took off and hit the upper circuit limit on Friday on reports of a new suitor, and it was joined there by 258 others, including Future Retail, YES Bank and Dish TV in an otherwise lacklustre market. Meanwhile, 45 stocks hit their 52-week highs, and Route Mobile IPO mopped up a solid subscriptions on the last day of the issue.
Sensex ended the session 14 points higher at 38,854, and 50-share NSE Nifty 15 points up at 11,464.

Vinod Nair, Head of Research at Geojit Financial Services, said with no official statement from the high-level talks to defuse tensions on India-China border, investors need to stay prepared for slow progress on that front. “This uncertainty will keep haunting markets in the short term,” he said.

Here is a lowdown on what happened in Friday’s trade:

Solid response to Route Mobile IPO
Route Mobile’s Rs 600 crore IPO oversubscribed by nearly 73 times on Day 3 of the bidding process till 1630 hours (IST) on Friday. The public offer received bids for 89,20,07,400 shares against total issue size of 1,21,73,912.

Videocon shares rally 5%
Shares of Videocon hit upper circuit of 5 per cent after a UK-based family office made a Rs 2,200 crore offer to Videocon’s lenders for a takeover of the company as a going concern, according to people aware of the matter.

The company has a debt of Rs 30,000 crore. This includes a principal amount that it had borrowed from banks of Rs. 16,000 crore while the rest is the interest component. The stock closed at Rs 2.73.

Promoter actions: Mindtree, Sobha
Promoter group Ravi PNC Menon acquired 17,072 shares of Sobha Limited on Thursday, as per data available with BSE on September 11. Likewise, Akila Krishnakumar of Mindtree also bought 6,123 shares of the company on September 8. Shares of Mindtree settled 0.44 per cent up at 1,181.80, while Sobha settled 0.31 per cent down at 237.70.

Stocks that hit 52-week highs
Shares of some 45 companies hit their 52-week highs on NSE. They included Asian Paints, Indo Count Industries, Infibeam Avenues, Coforge, Emami and Hindustan Foods, among others.

Stocks that hit upper circuits
Future Retail, YES Bank and Dish TV stood among 258 companies that hit their upper circuit limits on BSE. On the other hand, CL Educate and Affordable Robotic were among 212 firms that hit lower circuits.

RIL extends gains
Shares of energy-to-telecom behemoth extended gains into the fifth straight session on Friday, and settled 0.18 per cent higher at Rs 2,318. The scrip hogged limelight on Thursday after reports that it has offered a 40 per cent stake in its retail arm worth about $20 billion to Amazon Inc. However, RIL called the report speculative.

Religare shares jump 6%
Shares of Religare Enterprises advanced nearly 6 per cent after sources told ET that the company has begun talks with a local investor for divesting a majority holding in Religare Finvest, its wholly owned lending subsidiary. This is part of a fresh Rs 4,600 crore debt restructuring plan the group is working on, it reported. The scrip closed 5.79 per cent up at Rs 44.75.

Who moved my Sensex
IT firm TCS contributed 41 points in Friday’s gains in the index. It was followed by HUL (20 points), Infosys (19 points) and State Bank of India (15 points). However, selling in HDFC Bank, HDFC, Bharti Airtel and Asian Pants together wiped out more than 86 points.

Most active stocks
With a trading volume of 22 crore shares, Vodafone Idea emerged as most active stock on NSE. It was followed by YES Bank (14 lakh) and Tata Motors (6 crore). On the other hand, Reliance Industries, Bajaj Finance, Amber and Wipro were among most active stocks in terms of value.

Where is D-Street headed?
Sanjeev Zarbade, VP for PCG Research at Kotak Securities, expects Nifty to see a minor correction going ahead. “We note that global cues have started to turn negative and FIIs have turned sellers along with domestic mutual funds. Valuations are not supportive either. So, investors need to be prepared for a minor correction or a side-ways market. There are some pockets of value in small caps, but need to be selective,” he said.
Credit: Stocks-Markets-Economic Times

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