Oberoi Realty gained 23 percent along with OBC and HDFC AMC which added 20 percent and 17 percent respectively were the top gainers while RBL Bank and Vodafone Idea were the top losers.
Benchmark indices ended the volatile session on the higher note on the first day of the September series with Nifty above 11,000.
At close, the Sensex was up 263.86 points at 37,332.79 while Nifty was up 85.60 points at 11,033.90. About 1384 shares have advanced, 1,122 shares declined, and 166 shares are unchanged.
Nifty closed above the psychological 11,000-mark and formed hammer pattern on the daily chart. It also snapped two-week losing streak and gained 1.8 percent to form a spinning-top pattern on the weekly scale.
Here are the top 10 stocks which moved the most this week:
Oberoi Realty: up 23 percent
The share price of real estate major Oberoi Realty jumped over 23 percent for the week. On August 22, the share price cracked after the company gave confirmation about search operation by Income Tax authorities at company's premises. Income Tax authorities have initiated search and seizure operations at the premises of the company from August 20, the company said in a press release.
The I-T activity is a process as set out under the provisions of Income Tax Act, 1961, and the company is co-operating with and extending all assistance to the authorities in this regard, it added.
However, Oberoi Realty on August 30 said that it had bought around 60 acres of land in Thane, Maharashtra from GlaxoSmithKline Pharmaceuticals for nearly Rs 890 crore. In a regulatory filing, the Mumbai-based developer said "the company has successfully concluded the transaction with GlaxoSmithKline Pharmaceuticals Ltd (GSK) for acquiring the lands admeasuring approximately 2,40,140 square meters (approx 60 acres) located at Thane, Maharashtra."
Oriental Bank of Commerce: up 20 percent
PSU Bank Oriental Bank of Commerce spiked over 20 percent for the week. Finance Minister Nirmala Sitharaman announced mega merger of public sector banks which resulted in jump in PSU bank share price. PNB, Oriental Bank of Commerce and United Bank to merge to form the second largest PSB with a business of Rs 17.94 lakh crore.
HDFC AMC, up 17 percent
HDFC AMC gained over 17 percent with the stock spiking as much as 86 percent in the last six months. The company had posted a robest set of numbers in quarter ended June. Profit grew 42.2 percent to Rs 292 crore with asset under management growth of 18 percent YoY. Its profit in the corresponding quarter of last fiscal stood at Rs 205.3 crore. Revenue from operations increased 7 percent YoY to Rs 504.4 crore in June quarter.
Delta Corp: up 19 percent
Delta Corp bucked the trend as the stock closed the week with gains of over 19 percent. In the last one month, the stock was up 23 percent. Despite a muted set of Q1 numbers, research and broking firm Emkay maintained a buy call on the stock with a target price at Rs 365, implying 116 percent potential upside from current levels.
"Rating is underpinned by a strong EPS CAGR of 28 percent over FY19-21E. Catalyst from clarification on GST taxation for the gaming industry is expected soon," the brokerage said.
Escorts: up 12 percent
It has been a steady rise in the stock price of tractor maker Escorts as teh scrip closed the week with gains of 12 percent. Though tractor sales have been poor with the company's Agri Machinery Segment (EAM) in July 2019 selling 4,860 tractors against 5,610 tractors sold in July 2018, the scrip managed to close the week in the green.
Petronet LNG: up 11 percent
Petronet LNG added 11 percent for the week with research firm Motilal Oswal maintaining a buy on the stock in the long term with a target price of Rs 305. HDFC Securities also had a buy call with target of Rs 275 and stop loss at Rs 246 per share.
RBL Bank: down 7 percent
Share price of RBL Bank was down over 7 percent for the week. The bank said it might see deterioration in its asset quality amid lower credit growth going ahead, triggering concerns on the stock as it fell to a 52-week low on August 28. There were also reports of some senior employees dumping shares over the past month.
“Market transactions in RBL Bank shares by employees is a routine activity with regular exercise of ESOPs and sale of equity shares thereafter. The ESOPs exercised and sale of equity shares by the employees for the month of July 2019, is in line with the past. Further, no Management Committee member, including Key Managerial Personal (KMP) have sold any shares on July 30 and, thereafter, till date,” the bank said in a note to exchanges.
Vodafone Idea: down 6 percent
Telecom major Vodafone Idea ended the week 6 percent lower with the stock down over 82 percent weighed by Jio. However, the stock managed to post over 7 percent gains in the last three days.
Based on adjusted gross revenues, including receipts from long-distance services, Vodafone Idea’s market share dropped from 32.1 percent in the quarter ended March 2019 to 27.8 percent in the last quarter. Two years ago, the combined market share of Vodafone India and Idea Cellular stood at 42.5 percent, the report added.
Also, the largest telco by subscribers Reliance Jio will continue to eat into the user base of older rivals including Vodafone Idea, and is likely to command 45 percent of the market by March 2022, India Ratings said in a report.
Jindal Steel & Power: Down 5 percent
Steel major, Jindal Steel & Power slipped 5 percent for the week with the stock losing ground by 25 percent in the last one month. The company posted a loss of Rs 87.4 crore for quarter ended June 2019, better than analyst estimates. A CNBC-TV18 poll has estimated the losses Rs 272 crore. It reported profit at Rs 110 crore in year-ago period.
Consolidated revenue during the quarter grew 2.9 percent to Rs 9,945.6 crore compared to the previous year, with crude steel production rising 12 percent YoY and steel sales increasing 14 percent YoY.
Wockhardt: down 4 percent
Wockhardt closed 4 percent lower for the week. The company reported a net loss which narrowed to Rs 44.98 crore for the quarter ended June 30, 2019. Total income of the company stood at Rs 871.19 crore during the quarter under review, down 14.18 per cent, from Rs 1,015.14 crore reported in the corresponding period of the previous fiscal, Wockhardt said in a BSE filing.
India Ratings and Research revised the company’s ratings for short-term Bank facilities/ commercial paper to IND A4+ from IND A3; and for long-term loan facilities rating to IND BB+/ Negative from IND BBB-/Negative.
With inputs from agencies
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