NEW DELHI: Key benchmark indices Sensex and Nifty50 rallied in four of five sessions last week, producing a solid 1.4 per cent return each. At least 35 stocks from the broader BSE500 index, which is up for the last seven sessions, delivered double digit returns for the week, with every one of five index constituents gaining over 5 per cent for the period. A few new age stocks saw strong price actions.
Airline operator SpiceJet was the best performing index stock, as it rallied 29.11 per cent for the week to Rs 49.45 a piece and now commands a market value close to Rs 3,000 crore. The stock surge amid news the airline is in talks with a Middle Eastern carrier for a 24 per cent stake sale.
soared 24.70 per cent for the week to Rs 499.65. The paints maker earlier this week reported a 36.51 per cent increase in its consolidated net profit at Rs 152.05 crore on a 46 per cent surge in revenue from operations at Rs 2,051.37 crore.
The rebound in the market helped new age stocks recover, sending PB Fintech 21.82 per cent higher for the week. Zomato shares were in news, jumping 16.32 per cent to Rs 54.50. Uber Technologies sold its entire 7.78 per cent stake in Zomato in a bulk deal on the BSE, in which two institutional investors – Fidelity and
Life Insurance – bought stakes in the new-age stock. US hedge fund Tiger Global also sold 184.4 million shares in Zomato between July 25 and August 2, as the one year lock-in period ends.
One97 Communications, which received buy recommendations from a few brokerages of late, climbed 16.13 per cent YoY to Rs 783.65. However, Fintech firm, post market hours of Friday, said its consolidated losses increased nearly 69 per cent year-on-year to Rs 645.5 crore in June quarter from a loss of Rs 381.9 crore in the year-ago period.
JSW Energy climbed 19.95 per cent for the week. Lenders to distressed borrower Ind-Barath Energy (Utkal) and JSW Energy, the asset’s successful bidder, are likely to renegotiate the resolution plan after the tribunal observed in its order that parties can ‘sit across the table’ and take stock of the situation.
IRB Infra climbed 17.2 per cent YoY to Rs 250.70. The highways developer reported a multi-fold increase in consolidated net profit at Rs 363.19 crore in June quarter from Rs 71.91 crore.
Redington (India),
, , IDBI Bank, and Metro Brands rose 15-17 per cent this past week.
Solar Industries,
, , , , , , YES Bank, , BEML, and a dozen other stocks saw double digit returns for the week.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
