For the week, both the Sensex and Nifty shed around 0.3 percent each. The Nifty Midcap Index is the only major index to end the week with gains of nearly 2 percent,
The Indian market felt the heat of rising tensions between the United States and Iran which pushed prices of safe-haven assets higher and dragged riskier equities lower on January 3.
Major markets across the globe declined, global crude oil prices rose about 4 percent and gold and other safe-haven assets jumped as the US killing of a top Iranian commander in an airstrike in Iraq stoked tensions in West Asia.
The Sensex ended 162 points, or 0.39 percent, down at 41,464.61, while the NSE benchmark Nifty settled with a loss of 56 points, or 0.45 percent, at 12,226.65.
For the week, both the Sensex and Nifty shed around 0.3 percent each. The Nifty Mid-cap Index is the only major index to end the week with gains of nearly 2 percent, while the volatility index, India VIX, recorded its best weekly gain since August 2019, up over 20 percent.
The Nifty was near its all-time high of 12,293 on January 2. On January 3, however, the index fell from the upper end of the consolidation zone. The index closed negative for the second consecutive week.
Here are the top 10 stocks which moved the most this week:
Adani Green Energy, up 27%
Share price of Adani Green jumped over 27 percent this week after the firm commissioned 75 MW wind power project.
Adani Renewable Energy (GJ), a step down subsidiary of Adani Green Energy Limited (AGEL) commissioned its 75 MW wind power project having Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company (MSEDCL) at Rs. 2.85/kWh for a period of 25 years.
Commercial sale of power from the project to MSEDCL is expected to commence with effect from January, the company said in a filing to the exchanges.
Adani Green reported a net profit of Rs 5 crore for the quarter ended September 2019 against a net loss of Rs 262 crore in the year-ago quarter. Total revenue jumped 46 percent year-on-year (YoY) at Rs 1,349 crore during the quarter.
Sterlite Technologies, up 13%
Sterlite Tech share price added 13 percent for the week after the company bagged a Rs 1,800-crore project for a high-speed rural broadband network in Telangana. The company was awarded a work order for about Rs 1,100 crore for Phase-1 of the project that is worth Rs 1,800 crore for which it has received the letter of intent.
Steel Authority of India, up 10%
The share price of SAIL gained 10 percent for the week after it recorded a 47 percent rise in sales during December. "The company achieved the highest-ever sales of 1.68 million tonnes in a month during December 2019. The company clocked a growth of 47 percent over the corresponding period last year," SAIL said in a statement.
Indiabulls Housing Finance, up 9%
The share price of Indiabulls Housing Finance was up 9 percent following the timely payment of interest/principal related to non-convertible debentures (NCDs).
The housing finance company on December 27 and December 30 said it made timely payment of interest/principal (as the case may be) in respect of the secured redeemable NCDs issued by itself on private placement basis.
Tata Motors, up 8%
Share price of auto major Tata Motors gained over 8 percent this week despite a 12 percent decline in total vehicle sales in the domestic market to 44,254 units in December. The company had sold 50,440 units in the same month in 2018, Tata Motors said in a statement.
However, global research firm Citi maintained a buy rating on the stock with a target of Rs 200. The firm has a positive stance on the JLR recovery while the domestic commercial vehicle (CV) and passenger vehicle (PV) volumes remained weak in December.
Citi is of the view that the CV industry in India is unlikely to recover very fast while on the other hand, and Tata Motors should maintain its dominance in the segment. PV portfolio is improving but competition is escalating as well, it said.
RITES, up 8%
The share price of RITES climbed 8 percent for the week after the railway's consultancy firm said it secured a Rs 77.57-crore work from Bangladesh government.
In a regulatory filing on January 2, the company said, "RITES has secured a major work of project management consultancy from the Government of Bangladesh amounting to $14.01 million (Rs 99.94 crore) in relation to four-laning of National Highway in Bangladesh. RITES is a lead partner in the JV arrangement and will receive $10.88 million (Rs 77.57 crore) out of the total consultancy fee of $14.01 million (Rs 99.94 crore)."
Brokerage firm Anand Rathi Share and Stock Brokers has a buy recommendation on the stock, with a target price of Rs 370 for one-year horizon.
Zee Entertainment, down 8%
Share price of Zee Entertainment gained over 8 percent this week following a Telecom Regulatory Authority of India (TRAI) order setting Rs 160 price ceiling for all channels available on a distributor’s platform as it aims to reduce rising costs for subscribers. The stock has plunged over 41 percent in the past year.
The new rules are part of the changes the regulator has made to its 2017 tariff order for broadcasting and cable TV services. They will be effective from March 1.
Bajaj Auto, down 5%
The share price of Bajaj Auto shed 5 percent for the week after it reported a 3 percent decline in total sales at 3,36,055 units in December 2019. The firm had sold a total of 3,46,199 units in December 2018, Bajaj Auto said in a statement. Total domestic sales were down 15 percent at 1,53,163 units as compared to 1,80,351 units in the year-ago month, it added.
Motorcycle sales in the domestic market were 1,24,125 units last month as against 1,57,252 units in December 2018, down 21 percent, it added. CV exports were down 8 percent at 22,215 units as compared to 24,245 units in December 2018, the company said.
Eicher Motors, down 4%
The share price of Eicher Motors was down over 4 percent for the week after the company reported total CV sales declined by 19.1 percent to 5,042 units in December 2019 from 6,236 units in December 2018. Eicher Motors' consolidated net profit rose 4.4 percent to Rs 572.69 crore on 9.3 percent decline in net sales to Rs 2,171.54 crore in Q2 September 2019 over Q2 September 2018.
Brokerage firm Nirmal Bang however has a buy on the stock with target of Rs 24,843. Target price of Rs 24,843 is 23.5 times September 2021 consolidated EPS, which is at a discount to its 10-year average of 29x mainly as we expect volume growth to be below the historical rate.
Avenue Supermarts, down 4%
The share price of Avenue Supermarts (D-Mart) shed 4 percent for the week. Promoters of Avenue Supermarts, the parent company of D-mart, may offload around 5.20 per cent stake via block deal in order to meet the minimum shareholding limit, a media report suggested.
"Avenue Supermarts promoters to sell around Rs 3 crore worth shares or 5.20 percent stake via block deal," sources said.
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