The week that was in 10 stocks: Cochin Shipyard, Reliance Power, DHFL, Jet Airways gain

The week that was in 10 stocks: Cochin Shipyard, Reliance Power, DHFL, Jet Airways gain


Indian benchmark equity indices advanced over 1 per cent last week on account of strong quarterly results amid hopes of a US stimulus package before the presidential election and expectations of a Covid-19 vaccine by year-end.
The 30-share BSE Sensex gained nearly 703 points, or 1.76 per cent, to touch 40,685 for the week ended October 23. The 50-share Nifty index gained nearly 167 points, or 1.43 per cent, to 11,930.

Vinod Nair, Head of Research, Geojit Financial Services said: “Indian indices displayed good momentum during this week’s trading sessions aided by strong quarterly results, positive Chinese industrial data and renewed hopes of a coronavirus vaccine.”

Here are the top buzzing stocks of the week gone by.

Cochin Shipyard: Ace investor Radhakishan Damani on Thursday bought 6.9 lakh shares of Cochin Shipyard at Rs 349.14 per share, bulk deal data on the NSE showed. This amounts to 0.5 per cent stake in the company. Shares of the company jumped 12.30 per cent to Rs 363.55 on October 23 from Rs 322.85 on October 16.

Britannia: The biscuit-maker witnessed some selling pressure after analysts cut the FY21 earnings estimates by 4-6 per cent following its second-quarter results. The FMCG firm reported a 23 per cent growth in consolidated net profit to Rs 495.20 crore for the September quarter compared with a profit of Rs 405.37 crore in the same quarter a year ago. Shares of the FMCG major declined 7.41 per cent to Rs 3,469.70.

DHFL: Dewan Housing Finance Corp Ltd (DHFL) rallied 32 per cent last week after Kapil Wadhawan, the jailed promoter of the crisis-hit mortgage lender, has offered his personal and family properties, which he claims are worth Rs 43,000 crore, for repayment of outstanding loans to the company. The scrip jumped to Rs 16.72 on October 23 from Rs 12.61 on October 16.

Amber Enterprises: Shares of air conditioner manufacturer Amber Enterprises gained nearly 7 per cent after the Directorate General of Foreign Trade (DGFT) banned the import of finished air conditioners, a move that will provide a big boost to domestic production and benefit the contract manufacturer that serves 9 out of 10 AC brands in India.

Jet Airways: Shares of Jet Airways spiked 27 per cent last week after the airlines’ committee of creditors (CoC) approved the resolution plan submitted by the consortium of UK’s Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan under the insolvency resolution process.

Aditya Birla Fashion and Retail (ABFRL): Shares of ABFRL climbed over 7 per cent on Friday after its board approved plans to raise Rs 1,500 crore by issuing 7.8 per cent stake on a preferential basis to Walmart-owned Flipkart Group.

Reliance Power: Shares of the company rallied nerly 29 per cent during the past five trading sessions. The company on Thursday posted an over two-fold rise in its consolidated net profit at Rs 105.67 crore in the September 2020 quarter, mainly due to higher revenues. Its consolidated net profit was Rs 45.06 crore in the corresponding quarter a year ago, a BSE filing said.

JSW Steel: Shares of the company advanced over 3 per cent after the Mumbai bench of the NCLT has given green signal to JSW Steel to acquire bankrupt steel company Asian Colour Coated Ispat, more than a year after the latter’s lenders approved the resolution plan. JSW Steel has offered over Rs 1,550 crore for the 1 million tonne steel plant. Asian Colour Coated Ispat has outstanding debt of over Rs 5,000 crore. On 30 June, 2019, the committee of creditors accepted JSW’s bid through a majority vote. It was accepted by 80 per cent of COC of Asian Colour Coated Ispat. The scrip jumped to Rs 321 from Rs 310.

Top BSE500 gainers and losers: With a rally of nearly 30 per cent, PC Jeweller emerged as top gainers in the BSE500 index. It was followed by Suzlon Energy (up 27 per cent), Himatsingka Seide (up 27 per cent) and JK Tyre (up 26 per cent). On the other hand, Persistent Systems, SBI Cards and Coforge declined 9.83 per cent, 8.22 per cent and 7.57 per cent, respectively.

Credit: Stocks-Markets-Economic Times

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