The top gainers included names like JP Power, Adani Transmission, ITI, Bosch and Future Consumer while the top loser included Lanco Infratech.
Equities did not have the best of their starts to a new series, with the Nifty ending the first day of September series below 11,700-mark. However, bulls did manage to battle it out well with the bears as the market was off its low points.
A weak rupee, higher crude oil prices along with selloff in midcaps were one of the major reasons behind the downtrend on the market. The Indian currency fell to an all-time, historic low of 71 to the US dollar, before settling around 70.88 to the dollar at the time of equity markets coming to a close on Friday.
On a weekly basis, the market gained for sixth consecutive week, with benchmark Sensex rallying 393.27 points to close at 38645.07, while the broader Nifty rose 123.40 point to finish at 11,680.50.
Foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth Rs 430.43 crore during the week, as per Sebi's record including the provisional figure of August 31.
Rupee touched to record low level of 71 on Friday, falling more than 11 percent year-to-date. It was trading at around 64 to the dollar on same day last year.
Let have a look at the top 10 stocks which moved the most last week:
Jaiprakash Power Ventures, up 53.90%
Jaiprakash Power Ventures on Friday said its board has approved the proposal to alter its memorandum of association to increase authorised share capital of the company to Rs 20,050 crore from Rs 10,050 crore, mainly to convert debt of lender into equity. The board has approved alteration of clause V of the memorandum of association of the company to increase the authorised share capital of the company from Rs 10,050 crore to Rs 20,050 crore, a BSE filing said.
According to the statement, the board has also approved in its meeting held on Friday the proposal to convert part of the outstanding loans of banks/financial institutions (lenders) into cumulative compulsory convertible preference shares (CCPs) or such other instrument/security as may be mutually agreed between the lenders and the company up to an amount of Rs 4,000 crore in one or more tranches under the resolution plan.
Adani Transmission, up 34.65%
Reliance Infrastructure (RInfra) said it has completed the Rs 18,800-crore deal for sale of its Mumbai energy business to Adani Transmission, which will help it pare debt by two-thirds to Rs 7,500 crore. The company had said it expects to make these payments in the next few days from the proceeds from of Mumbai power business to Adani Transmission.
ITI, up 27.79%Shares of ITI rose 20 percent on Thursday as company received work order worth Rs 6,633.56 crore. The company has received an advance work order
(AWO) from BSNL for the operation and maintenance and sales & marketing of the passive infrastructure of 6945 BTS sites of BSNL's GSM network in UP East, UP West, Uttarkhand and Tamilnadu circles. The order is for a period of 10 years.
Future Consumer, up 19.84%
Ealierr last month, India’s largest consumer company and subsidiary of Future Group, Future Consumer announced a 50-50 joint venture with New Zealand’s Fonterra which will provide a range of consumer and food service dairy products. The JV will be called Fonterra Future Dairy Partners. Kishore Biyani, Group Chief Executive Officer, Future Group, said the association with Fonterra comes at a time when the dairy business in India is flourishing.
“Consumption of milk and other dairy products in India is increasing and will continue to receive strong demand. With Fonterra, Future Consumer will enhance its food and FMCG portfolio and will offer a variety of dairy products which are high in demand and consumed daily,” Biyani said.
Reliance Infra, up 16.60%
The state government on Friday said it has received a payment of Rs 2,640 crore from Anil Ambani-led Reliance Infrastructure towards the arrears of electricity charges and taxes. The payment was made in two instalments through GRAS (Government Receipt Accounting System) payment system on August 29 and August 30, it added.
"RInfra has paid Rs 2,640.62 crore towards arrears of electricity charges and taxes, which it had defaulted since 2016," a statement issued by the state energy department said.
Bosch, up 16.97%
On August 8, 2018, technology and services supplier Bosch has reported healthy 42.4 percent year-on-year growth in profit to Rs 431 crore for the quarter ended June, driven by automotive products business. Profit in year-ago quarter stood at Rs 302.6 crore. Revenue during the quarter increased 21.3 percent to Rs 3,212 crore compared to Rs 2,648 crore in same period last year.
"We will continue to make considerable upfront investments – in the form of capital expenditure, high spending on R&D, and opening new markets," Soumitra Bhattacharya, Managing Director, Bosch said.
Jain Irrigation Systems, up 12.99%
Jain Irrigation Systems said it has received a contract worth Rs 127 crore (USD 18.7 million) from the Rwandan government for developing irrigation and watershed facilities. The contract has been awarded by the Rwanda Agriculture Board (RAB) for irrigation and watershed development in Mahama sector under the export targeted modern irrigated agriculture projects in the country, JISL said in a regulatory filing.
The project, which will be executed near Rusumo (Rwanda Tanzania border), is financed by the EXIM Bank of India under the government's Line Of Credit (LOC) programme, it added. This is an engineering, procurement and construction (EPC) contract and JISL aims to complete the project in next 18 months.
Abbott India, up 9.63%
Drug major Abbott India aims to launch around 100 products over the next five years as it looks to strengthen existing therapy areas as well as grow over-the-counter portfolio, a top company official said. The Mumbai-based firm, which is a subsidiary of US-based Abbott Laboratories, had launched 21 new products in the country last fiscal."Abbott plans to launch around 100 products over the next five years. Our focus remains on growing existing therapy areas such as gastroenterology,
metabolics, vaccines, central nervous system and women's health," the company's Managing Director Ambati Venu said.
Tech Mahindra, up 6.58%
Tech Mahindra and Microsoft have partnered to develop blockchain based technology to curb pesky calls and SMS as recommended by telecom regulator Trai.
"Tech Mahindra announced its collaboration with Microsoft to create a Distributed Ledger Technology (DLT)-based solution to build a robust ecosystem in line with the regulations issued by Trai," a joint statement by the two companies said. Based on blockchain technology and built on Microsoft Azure, the solution aims at mitigating the issue of unsolicited commercial communication (UCC) in the country, it said.
Lanco Infratech, down 22.43%
The Hyderabad bench of National Company Law Tribunal ordered the liquidation of Lanco Infratech after the committee of creditors rejected the revised resolution plan submitted by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm. The bench headed by judicial member Ratakonda Murali in his orders appointed the interim resolution professional (IRP) Savan Godiavala as the liquidator of the company.The Reserve Bank had last June directed IDBI Bank, lead lender of Lanco Infratech, to initiate insolvency proceedings for the company under the Insolvency and Bankruptcy Code (IBC). The company, among 12 firms identified by the RBI with high debt for proceedings under IBC, owes over Rs 44,000 crore to the IDBI Bank-led lenders consortium.