It was a week of rebound for the stock market, where largecap indices gained up to 1 per cent, while midcap and smallcap indices rallied up 4 per cent on a weekly basis on easing of global worries. But an Infosys-led selloff on Friday soured investor sentiment.
For the week, the BSE Sensex climbed 311.09 points, or 1 per cent, to settle at 31,524 on Friday. The NSE barometer Nifty50 advanced 126 points or 1.3 per cent for the week to close at 9,837 on Friday.
The S&P BSE midcap index rose 482 points or 3.27 per cent to 15,208, while the S&P BSE smallcap index gained 581.62 points, or 3.87 per cent to 15,617. While globally there were concerns over US President Donald Trump’s ability to deliver on his economic agenda, global markets saw some relief as US tensions with North Korea eased. The resignation of Infosys CEO and MD Vishal Sikka was the biggest news for the week.
Here’s a list of stocks that hogged limelight in the truncated week.
Infosys: Vishal Sikka’s resignation and a open war between board and a co-founder and promoter following a ‘misguided’ campaign – as the company’s board called it – by none other than the company’s co-founder NR Narayana Murthy, caused the stock to plunge 6.5 per cent for the week.
The stock lost 24 per cent to Rs 66.45 on BSE in four trading sessions to Friday. The company reported a standalone net loss of Rs 47.39 crore for the first quarter ended June 30, compared with Rs 25.84 crore loss reported for the same quarter last year. With this, the stock has lost 74 per cent of its value in last one year. The stock was the worst BSE500 performer for the week gone by.
DLF: This realty stock rose 18 per cent for the week on reports that the company promoters are likely to enter an agreement this month with Singapore’s sovereign wealth fund GIC to sell a 40 per cent stake in the rental arm in a deal estimated at around Rs 13,000 crore.
Tata Global: This stock was up 18.63 per cent for the week at Rs 194.50. The stock rose amid reports that the company was taking a hard look at its portfolio of businesses, as the tea and beverage maker aims to grow sales and scale aggressively while keeping its focus firmly on profit. Investors also cheered the company’s foray into the US market with its ‘Himalayan’ premium water brand, a first for an Indian FMCG company.
RCom: The stock rallied 16.61 per cent for the week to Rs 24.2 after National Company Law Tribunal (NCLT) admitted abpetition for the company’s wireless wing’s merger with Aircel. Expecting Ericsson India to challenge an August 14 order of NCLT Mumbai, Reliance Communications has filed caveat before NCLAT in proposed merger with Aircel, reports suggested.
SpiceJet: This stock soared 16.6 per cent during the week on multiple reasons. The company said that it will use the ‘sale and leaseback’ route to induct about a sixth of the 275 aircraft it has ordered, sticking to its goal of staying asset-light until the fleet expansion scheduled over the next three years is complete. Meanwhile, it hiked its excess baggage pre-booking charges for domestic flyers.
Meghamani Organics: The stock has been rallying on strong quarterly numbers. This past week, it surged 36 per cent to Rs 74.5 and was the best performer among BSE500 peers. This company has reported company reported 74 per cent year-on-year (YoY) jump in June quarter profit at Rs 32.9 crore, compared with Rs 18.8 crore profit in the year-ago quarter. The stock is up 88 per cent in last one quarter.
Godfrey Phillips: This company reported losses for June quarter, yet there was no stopping to its stock price. The scrip jumped 21 per cent to Rs 1,084.70 last week probably on value buying. That said the stock is still trading 7 per cent lower than the level it was trading a month ago.