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Last Updated : Jun 08, 2019 11:05 AM IST | Source:

Top gainers and losers for the week: Banks, IT against auto, FMCG and metals

Both Sensex and Nifty snapped their three-week winning streak and closed with losses of 0.25 percent and 0.44 percent respectively.

Sandip Das @Im_Sandip1
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Todays L/H

The Nifty50 closed the range-bound session with marginal gains on June 7, showing a rebound after steep correction was seen in the previous session. Banks and IT stocks led the market higher. But, auto, FMCG and metals showed limited upside.

The index closed above 11,850 and formed a “Doji Cross” kind of pattern on the daily scale while, for the week, it was down 0.44 percent and formed a “Spinning Top” pattern on the weekly charts.

Benchmark indices closed with minor gains. But, for the week, both Sensex and Nifty snapped their three-week winning streak and closed with losses of 0.25 percent and 0.44 percent respectively.


Here's a look at the top stock movers for the week:

Top gainers

Power Finance Corporation, up 9.2 percent

The share price of Power Finance Corporation rose over 9 percent for the week, closing the week's session at Rs 134.15 per share on the BSE. Its standalone net profit rose over two-and-a-half times to Rs 2,117.56 crore in the March quarter, mainly due to higher revenues. Its standalone net profit was Rs 796 crore in the quarter that ended on March 31, 2018, the company said in a BSE filing.

In the full financial year 2018-19, PFC's standalone net profit stood at Rs 6,952.92 crore, compared to Rs 4,386.76 crore a year ago. Total standalone income also improved to Rs 28,851.29 crore during the year, against Rs 25,980.25 crore in 2017-18.

Havells India, up 8.95 percent

Shares of Havells India rose as much as 8 percent for the week despite the company reporting a 8.4 percent year-on-year (YoY) fall in profit at Rs 206.83 crore for the quarter that ended in March 2019, dented by weak operating income. The profit in the corresponding period last fiscal stood at Rs 225.8 crore. The revenue during the quarter grew 8.5 percent to Rs 2,751.9 crore, compared to the same period last year.

Reported Standalone quarterly net sales stood at Rs 2,751.86 crore in March 2019 up 8.56 percent from Rs. 2,534.90 crore in March 2018.

Berger Paints, up 8.69 percent

The share price of Berger Paints India rose more than 8 percent for the week. The company posted better numbers for the quarter ended march 2019. It has reported 4.91 percent jump in its consolidated net profit to Rs 111.43 crore in the quarter ended on March 2019 against Rs 106.21 crore in the same quarter last year. Its revenue from operations during the quarter was up 13.38 percent to Rs 1,472.09 crore as against Rs 1,298.27 crore.

Voltas, up 7.92 percent

Voltas added close to 8 percent for the week. The AC making company gained 5 percent itself on June 7 on the strong hope that the scorching summer will boost earnings in Q1FY20 due to the delayed monsoon. While maintaining a buy call on the stock with a target price at Rs 675 (revised from Rs 658), HDFC Securities said it had increased EPS estimates by 2 percent, driven by higher growth in unitary cooling products (UCP) led by scorching summer and market share gains (higher offtake in fixed speed).

Info Edge, up 6.99 percent

The share price of Info Edge gained close to 7 percent for the week. It gained 4 percent to hit a record high of Rs 2,050 on May 29 after the company reported good growth in the operating income for the March quarter. The stock has rallied 67 percent in the last one year.

CLSA, which has a buy call on the stock, said it had rolled forward its SOTP multiples to FY22 and cut EV/sales multiple for 99acres to 8x and Zomato to 5x, driving up target price from Rs 2,070 to Rs 2,400.

Top Losers

DHFL, down 26.98 percent

The share price of Dewan Housing Finance Corporation tanked close to 27 percent for the week. It fell 16 percent to hit a five-and-half-year low on June 6 as rating agencies downgraded rating on commercial paper after the company defaulted on debt repayment. The stock dropped into double-digit levels for the first time since February 4 and hit an intraday low of Rs 91.50, the lowest level since December 2013. It has lost 86 percent of its value from the record high of Rs 690 touched on September 3, 2018. It closed at Rs 93.90, down 15.86 percent on the BSE.

Domestic rating agencies ICRA and Crisil, on June 6, downgraded the rating on Rs 850 crore worth of commercial paper of DHFL to “default” from “A4” due to the mortgage lender's deteriorating liquidity condition.

Manpasand Beverages, down 26.53 percent

Shares of Manpasand Beverages plummeted 26 percent after the officials of the company arrested for GST fraud had been reportedly denied bail. According to CNBC-TV18 sources, the company's Managing Director Abhishek Singh, his brother Harshvardhan Singh and the Chief Financial Officer Paresh Thakkar, who were arrested following a raid by the CGST Commissionerate Vadodara-II sleuths on May 23, had been denied bail.

On May 23, the CGST Commissionerate conducted multi-locational searches across various premises of Manpasand Beverages.

PC Jeweller, 22.53 percent

Shares of PC Jeweller fell over 22 percent in the week gone by. The company posted the net loss in the quarter that ended in March. However, its total income was up Rs 2,203.91 crore against Rs 2,114.64 crore. During the full 2018-19 fiscal, PC Jeweller posted a standalone net loss of Rs 2.81 crore as against a net profit of Rs 567.4 crore in the previous year.

Jet Airways, down 16.71 percent

Jet Airways further fell over 16 percent for the week as lenders were reluctant to take a deep haircut on their exposure to the airline. In a meeting of the lenders, the banks - led by the State Bank of India - raised apprehensions on taking a haircut of 80-85 percent, as wished by Etihad Airways and Hinduja Group - who are in talks on a possible revival of Jet Airways.

"The banks are apprehensive as it may set a bad precedence," said a senior executive from the industry. The executive added that SBI, having the highest exposure to the airline, did not take a decision and “instead may leave the decision to the government".

GAIL India, down 12.7 percent

GAIL India shed close to 13 percent for the week after media reports stated that the Petroleum and Natural Gas Regulatory Board of India had hiked lower than expected tariff for the company's Hazira-Vijaipur-Jagdishpur pipeline on June 4. Further, the dismal hike forced brokerage firm CLSA to downgrade its rating on the stock to "underperform" from “buy” earlier and slashed its target price to Rs 365 from Rs 420 earlier.

CLSA said in a note that it was a disappointing tariff revision for HVJ pipeline tariff, compared to the expectation of 15 percent. The global investment bank slashed EPS estimates by 4-7 percent.

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First Published on Jun 8, 2019 11:05 am
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