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Last Updated : Nov 02, 2019 12:37 PM IST | Source: Moneycontrol.com

Check out what made these 10 stocks move the most last week

The benchmark indices continued their rally for the sixth consecutive session on November 1, with Sensex touched a fresh all-time high of 40,392.22.

 
 
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Market witnessed buying that helped the Sensex to hit a record high in the last week amid positive earnings from India Inc, continue FII buying, and mixed auto sale numbers for the month of October 2019.

The benchmark indices continued their rally for the sixth consecutive session on November 1, with Sensex touched a fresh all-time high of 40,392.22.

Foreign Institutional Investors (FIIs) remained net buyers last week as they bought equities worth Rs 10,473.30 crore, while Domestic Institutional Investors (DIIs) sold equities worth of Rs 828.4 crore.

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Last week, the Sensex rose 914.83 points (2.33 percent) to end at 40,165.03, while Nifty added 263.45 points (2.26 percent) to end at 11,890.6.

The S&P BSE mid-cap index rose 3 percent, S&P BSE large-cap and small-cap Index was up 2 percent each in last week.

Here is the list of 10 stocks which moved most in the last week:

BHEL | Up 10 percent

CLSA has upgraded the stock to buy from sell and also increased target price to Rs 67, up from Rs 54 per share earlier.

According to CLSA, the strategic sale is going to unlock value, while it also cut FY20 EPS estimates on a weak H1.

The company has a lot to gain from a strategic partner and even if the company’s divestiture fails, there will be a little downside at current market price (CMP), it added.

It believes that the risk is limited, as the stock is at their pre-upgrade target price.

Recently, the stock was in the news after a report of government may consider bringing down its stake in BHEL, sources told CNBC Awaaz.

The company’s board meeting is scheduled on November 13 to consider and approve the unaudited financial results for and up to the quarter that ended on September 30, 2019.

Tata Motors up 33 percent and Tata Motors DVR up 36 percent

Shares of Tata Motors and Tata Motors - DVR rose 33 percent and 36 percent respectively in last week after global brokerages remained bullish on the Tata Motors' after company's net loss declined in the quarter-ended September on the back of improved performance of its UK subsidiary.

The company reported a 79 percent year-on-year (YoY) fall in its Q2 FY20 net loss at Rs 216.6 crore.

The company's British luxury arm Jaguar-Land Rover posted a pre-tax loss of 395 million pounds. Land Rover's performance improved during Q2 as revenue of this segment improved eight percent to six billion pounds.

Jaguar's EBITDA margin stood at 13.8 percent, which is among the highest in the last 16 quarters, the management claimed. EBIT margin came at 4.8 percent.

The board has approved issue and allotment of up to 20,16,23,407 ordinary shares at Rs 150 per share and 23,13,33,871 convertible warrants, which can be converted to one ordinary share at Rs 150 per warrant to Tata Sons, the promoter of the company on a preferential basis.

Kotak Institutional Equities maintained a buy and raised its target to Rs 200 , up from Rs 190 per share.

Nomura has upgraded to neutral from reduce and target increased to Rs 153 from Rs 109 per share. CLSA has also upgraded its stance to buy from sell ,and raised target to Rs 190 from Rs 120 per share.

BofAML has also upgraded the rating to buy from neutral and raised target price to Rs 190 from Rs 170 per share.

Yes Bank | Up 45 percent

Shares of the private lender rallied 45 percent in the last week after it received a binding offer of $1.2 billion from a global investor.

The bank informed exchanges that it has received a binding offer for $1.2 billion from a global investor through fresh issuance of equity shares, subject to regulatory, board and shareholders' approvals.

However, the company on November 1, said it is in discussions with investors who are willing to pump in over $3 billion in capital.

The company posted a loss of Rs 600.08 crore during July-September period against a profit at Rs 964.70 crore seen in the same period last year and Rs 113.76 crore the quarter that ended in June.

Net interest income during the quarter declined 9.6 percent year-on-year to Rs 2,185.91 crore with 6 percent YoY loan degrowth.

Asset quality deteriorated further with gross non-performing assets (NPA) as a percentage of gross advances 238bps sequentially to 7.39 percent while net NPA as a percentage of net advances increased 144bps QoQ to 4.35 percent in the quarter that ended on September 2019.

State Bank of India | Up 19 percent

Shares of State Bank of India rose 19 percent in the last week after brokerage houses had retained their bullish stance on the stock as the management expects slippages to moderate from the next financial year 2020-2021.

Global brokerage house CLSA maintained its buy call on the stock with a target price at Rs 390 per share, implying 34.5 percent potential upside from current levels.

SBI on October 30 hosted Investor Day to showcase its restructured business/stress management verticals, its business strategy, including cross-selling opportunities, and underlying value in cards/insurance/AMC businesses, to claim better valuations.

The management expects slippages to moderate from FY21 and said FY20 would see higher slippages, especially as large cases such as DHFL default.

Management sees slippage ratio falling below 2 percent in the current financial year and expects less than 1.3 percent for FY21 against 1.6 percent in FY19.

Emkay also maintained its buy/overweight call on the stock in its Emkay Alpha Portfolio at a target price of Rs 350 (implying 21 percent potential upside from current levels), given the bank's enviable franchisee, strong retailization/digitization, healthy capital and strong subsidiaries value.

However, near-term stock performance will track the outcome of corporate NPA recognition/resolutions, it said.

Prabhudas Lilladher said key enablers would be (i) improving NIMs from lower cost of funds, lower interest reversals and risk based pricing on loans (ii) steadying fee income generation and operating expenses control below 10 percent or cost-to-income ratio of 45 percent (from current 50-55 percent) and (iii) having the credit cost of lower than 100bps with slippages of 1.5 percent assuming loss given defaults (LGDs) of 50-60 percent in base line scenario.

According to the brokerage, the bank's baseline scenario of pre-provision operating profit of Rs 65,000 crore and Rs 75,000 crore in FY20 and FY21 respectively can be achievable.

United Bank of India | Up 41 percent

The company reported profit at Rs 124 crore during July-September period, supported by lower provisions and healthy growth in net interest income. Asset quality also improved sequentially.

The bank had reported a loss of Rs 883.2 crore in the same period last year.

Net interest income grew by 74.6 percent year-on-year to Rs 773 crore in the quarter that ended on September 2019.

Gross non-performing assets, as a percentage of gross advances, declined 38bps sequentially to 15.51 percent, and net NPA, as a percentage of net advances, dropped 31bps QoQ to 7.88 percent in Q2FY20.

Provisions and contingencies fell sharply to Rs 436.4 crore in the quarter that ended on September 2019, against Rs 571.6 crore in the June quarter and Rs 1,481 crore in Q2FY19.

The bank paid tax of Rs 38.3 crore for the quarter against a tax credit of Rs 392 crore in the same period last year.

InterGlobe Aviation | Down 12 percent

Aviation regulator Directorate General of Civil Aviation (DGCA) directed IndiGo's operator to replace the Pratt and Whitney (PW) engines under both wings of 97 A320neo aircraft "at all costs" by January 31 or they would be grounded.

Of the 97 aircraft, 23 have PW engines that have been used for more than 2,900 hours and have to be replaced in the first tranche by November 19, said DGCA.

On the other hand, the company placed an order for 300 A320neo Family aircrafts.

"This marks one of Airbus’ largest aircraft orders ever with a single airline operator. This order comprises a mix of A320neo, A321neo and A321XLR aircraft. This will take IndiGo's total number of A320neo Family aircraft orders to 730," the company said in its BSE filing.

While having neutral rating on the stock, global brokerage Citi expects the stock to rally by 20.5 percent to Rs 1,700 per share.

"The company has a fleet of 245 planes, out of which 89 are A320neos. Grounding is not a big concern if remaining planes can be better utilised by the company. Recurrence of engine issues does not augur well from a positioning perspective," it said.

JK Tyre | Up 14 percent

The company reported a 227 percent YoY jump in its Q2FY20 net profit at Rs 170.1 crore versus Rs 52 crore, while revenue was down 13.6 percent at Rs 2,155 crore versus Rs 2,493.8 crore YoY.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 12.9 percent at Rs 296.4 crore, while EBITDA margin was up 330 bps at 13.8 percent YoY.

Tax credit stood at Rs 165.9 crore versus Rs 6.9 crore, YoY.

Vodafone Idea | Down 10 percent

Shares of Vodafone Idea remained under pressure in the last week on reports of the company exiting its India business. However the management denied the same and said it is not aware 'about anything on this subject' as it pertains to the Vodafone Group and hence cannot comment on the same.

As regards to commitment to lenders, the company said it had received queries from some agencies and has responded/clarified them on a 'one-on-one basis'.

"There has been reportage in some media alleging that Vodafone Idea has approached its lenders for a debt recast. We categorically deny and dismiss this as baseless and factually incorrect. We have not made any request for a debt recast to any lender or asked for reworking of payment terms. We continue to pay all our debts as and when these fall due," the company said in a press release.

CARE Ratings has downgraded ratings on its long-term bank facilities and non-convertible debentures to CARE A- from CARE A.

Central Bank of India | Up 32 percent

The company has reported a consolidated net profit of Rs 138.58 crore for the quarter that ended on September 2019 against a loss of Rs 935.54 crore seen in the same period last year.

Income of the company rose to Rs 6,728.17 crore as against Rs 6,224.05 crore.

Gross non-performing assets (NPAs) came down to 19.89 percent from 21.48 percent. Net NPAs was down to 7.90 percent from 10.36 percent.

The capital raising committee of the board of directors at its meeting on October 29 considered and approved raising of equity capital by issuance and allotment of up to 158,38,45,063 equity shares aggregating to Rs 3,353 crore to the government of India on a preferential basis.

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First Published on Nov 2, 2019 12:37 pm
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