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Movers & Shakers: Stocks which gained or lost the most this week; Igarashi Motors tops the chart

Igarashi Motors was the top gainer for the week, up over 61 percent while Dishman Carbogen and Sical Logistics dragged.

December 28, 2019 / 12:08 PM IST
 
 
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Market snapped a three-day fall to start January series on a strong note. The Sensex gained more than 400 points at 41,575 while the Nifty reclaimed 12,200.

Corporate banks led the Nifty Bank higher with the index gaining 415 points to 32,412.

Sensex declined 0.3 percent and Nifty 0.2 percent during the week, while Nifty Bank extended gaining streak to three weeks. Nifty Midcap index was back in the green this week, up 0.6 percent.

At close on Friday, the Sensex was up 411.38 points or 1 percent at 41575.14, while Nifty was up 119.30 points or 0.98 percent at 12245.80.

Top gainers

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Igarashi Motors, up 61%

Share price of Igarashi Motors surged over 61 percent after the company clarified with regards to an increase in volume. We have no information/announcement including pending announcement which in the company's opinion may have bearing on the price/volume behaviour in the scrip across exchanges, the company said in a filing to the exchanges. The stock also gained backed by five-fold jump in trading volumes.

Sterling Tools, up 25%

Sterling Tools stock price jumped 25 percent for the week after the company said it has entered into a joint venture (JV) agreement with Jiangsu Gtake Electric Company, a China based company. The JV Company, which will commence production by Q1FY21, will be a subsidiary of Sterling Tools with an equity ratio of 51:44.

The companies have agreed to join hands to provide the Indian electric original equipment manufacturers (OEMs) with best in class motor control units (MCUs).

Reliance Infrastructure, up 21%

Reliance Infrastructure share price added 21 percent after the company won an arbitration award of Rs 1,250 crore against Damodar Valley Corporation (DVC), according to a filing to the exchanges. The company said it will use the proceeds to pay lenders and reduce its debt, as a part of its strategy to be debt-free by 2020.

ICICI Securities, up 21%

Share price of ICICI Securities jumped over 21 percent for the week amid expectation of earnings improvement going forward. The stock has seen a surge in volumes whiole it rallied 38 percent in the last two months after the company reported a consolidated net profit of Rs 135 crore in September quarter.

India Overseas Bank, up 19%

Share price of public sector bank Indian Overseas Bank (IOB) surged over 19 percent for the week after the bank informed the exchanges that the government will infuse fresh capital of Rs 4,360 crore. In a regulatory filing, IOB said the Centre had issued a letter sanctioning Rs 4,360 crore.

The amount will be treated as the Centre’s contribution in the preferential allotment of equity shares (special securities/bonds) of IOB for the financial year 2019-20 as government’s investment. Currently, the Centre holds 94.56 percent stake in (IOB).

Ramco System, up 14%

Share price of Ramco System jumped over 14 percent after HAECO extends its partnership with Ramco to bring the global software specialist’s advanced Aviation solutions to four more business units in Hong Kong, Xiamen and Jinjiang.

Hong Kong Aircraft Engineering Company (HAECO Group), announced it will continue to work with Ramco Systems to bring the global software specialist’s advanced Aviation solutions to four more business units in Hong Kong, Xiamen and Jinjiang, the company said in a filing to the exchanges.

Lemon Tree Hotels, up 7%

Share price of Lemon Tree Hotels jumped over 7 percent after the company signed a license agreement for a 55 room upcoming Hotel at Hill Cart Road in Darjeeling.

The hotel will be operated through its subsidiary and management arm, Carnation Hotels. The hotel project, owned by SGB Developers, is in the greenfield stage and is expected to open in September 2022.

Top Losers

Dishman Carbogen, down 29%

Dishman Carbogen share price shed 29 percent for the week after the income-tax department “searched and surveyed” company’s properties. According to a PTI report, 19 properties - 12 residential and seven offices - of Dishman Group, were searched in Ahmedabad and around the city.

Sical Logistics, down 14%

Sical Logistics share price fell 14 percent after the company said there will be a delay in payment of the semi-annual interest due to a debenture holder. In a release to the exchange the company said, the semi-annual interest of Rs 5.50 crore payable on the listed 11 percent secured redeemable non-convertible debentures issued on a private placement basis to the sole debenture holder falling due on December 27, 2019, will be delayed due to cash flows mismatch.

Vodafone Idea, down 12%

Telecom major Vodafone Idea share price fell 12 percent for the week after it is believed to have put its fresh 4G expansion and modernisation plans on hold to conserve money to meet a late January deadline to pay up thousands of crores in statutory dues, according to media reports.

The loss-making operator had earlier said it may be forced to shut shop if it doesn’t get any relief from the government or the judiciary on its estimated Rs 53,000-crore dues to the government after the Supreme Court in October upheld the telecom department’s definition adjusted gross revenues on the basis of which telcos pay their licence fee and other levies.
Sandip Das
first published: Dec 28, 2019 12:06 pm

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