The market remained volatile as it started the week gone by on a positive note but failed to build on the momentum on the back of weak global cues. While on domestic front mixed earnings, WPI Inflation, NBFCs and housing finance companies woes have put pressure on the indices.
During the week, the Nifty made a high of 10710, while Sensex rose to a level of 35605, but could not able to sustain higher levels and recorded a fall of more than 1 percent each. Nifty fell 168 points, while Sensex was down 417 points in the last week.
Here is the list of 10 stocks which moved most in the last week:
DHFL, PNB Housing and Indiabulls Housing | DOWN 21-29%
Non-banking financial companies (NBFCs) and housing finance companies (HFCs) were remained under pressure during the last week on the concerns over credit growth due to the liquidity crisis.
Also, the stocks were down because of fears that mutual funds and other large subscribers to commercial papers issued by NBFCs and HFCs would choose to not rollover the securities when they mature.
Market's Big Bull Rakesh Jhunjhunwala raised his stake in DHFL during July-September quarter when the stock crashed 57 percent on the back of IL&FS-led liquidity crisis fears in the NBFC space.
He bought 13,34,736 equity shares during the quarter taking the total holding to 1,00,00,000 shares from 86,65,264 shares QoQ when the
stock was bleeding.
Meanwhile, Indiabulls Housing will make a detailed presentation to its debt investors (Mutual Funds and Insurance Companies ) of the top 25 Developer Loans.
Dish TV India | DOWN 15%
The company shares fell after Reliance Industries signed agreement to acquire controlling stake in Hathway Cable and Den Networks.
Jio will acquire 51.34 percent stake in Hathway Cable by investing Rs 2,940 crore through a preferential issue. The company will issue 90.8 crore shares to Jio at Rs 32.35 per share.
According to IDFC Securities, the deal is negative for broadcasters & DTH players, while Bank of America Merrill Lynch said Dish TV is likely to be vulnerable from RIL's acquisitions.
NIIT Technologies | UP 18%
The company has reported a healthy sequential growth of 30.3 percent in its consolidated profit to Rs 111.8 crore, driven by strong operational performance. Profit in the quarter ended June 2018 stood at Rs 85.8 crore.
Consolidated revenue during the quarter grew by 10 percent to Rs 907.4 crore QoQ with fresh order inflow expanding to $160 million.
Mindtree | DOWN 14%
The company's consolidated profit surged 30.4 percent sequentially to Rs 206.3 crore. Revenue during the quarter grew by 7.07 percent to Rs 1,755.4 crore QoQ
Meanwhile, brokerage firms Citigroup, PhillipCapital, as well as Motilal Oswal slashed their target price for MindTree post Q2 results after the company missed revenue estimates, expensive valuations as well as cautious macro commentary in contrast to current sector mood.
Adani Enterprises | UP 17%
Adani and Total have signed an agreement to jointly develop multi-energy offerings to the Indian energy market. The diversified portfolio includes Liquefied Natural Gas (LNG) and Fuel Retail.
This strategic partnership will therefore allow to create a major footprint in LNG business.
The partnership has set a target of developing various regasification terminals including Dhamra LNG, on the East coast of India.
A meeting of the board of directors of the company will be held on October 31 to consider and approve the unaudited financial results for the quarter and half year ended September 30, 2018.
Hathway Cable | UP 11%
Reliance Industries announced strategic investments in and partnership with cable television service operators Den Networks and Hathway Cable.
The company announced raising funds to the tune of Rs 2,940 crore through preferential allotment to Reliance Jio.
Subject to the approval of the shareholders, the firm has also sought to increase the authorised share capital of the company from Rs 200 crore to Rs 400 crore.
Jet Airways | UP 14%
Share of aviation companies remained in focus on the back of falling crude oil prices in the international markets first time in the last one month.
In the last week Brent crude prices slipped below 80 per barrel. A fall in crude price is helpful for the airline companies as it constituted major part of their expenses.
According to a media report Tata Group has initiated discussions to buy a large stake in the loss-making Jet Airways. However, Jet Airways spokesperson said the news report was speculative.
Avenue Supermarts | DOWN 12 percent
The company posted 19 percent year-on-year (YoY) growth in its net profit at Rs 226 crore. It revenue rose 39 percent to Rs 4,872 crore against Rs 3,507 crore during the corresponding quarter of last year.
Credit Suisse retained underperform call on Avenue Supermarts on the back of near-term risk to earnings and stretched valuations.
Prabhudas Lilladher retained reduce rating on the stock with a target of Rs 1,285 per share.
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