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Last Updated : Jun 29, 2019 12:56 PM IST | Source: Moneycontrol.com

IFCI, Cox & Kings, Radico Khaitan among 10 stocks which moved the most last week

The S&P BSE Midcap index rose 1.26 percent, Smallcap Index added 1.10 percent and S&P BSE Largecap Index was up 0.68 percent last week.

Rakesh Patil
 
 
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The benchmark indices posted modest gains in the week ended June 28 amid F&O expiry with no major domestic or global cues.

The Sensex ended 200.15 points higher at 39,394.64, while Nifty ended at 11,788.9, up 64.8 points last week. The S&P BSE Midcap index rose 1.26 percent, Smallcap Index added 1.10 percent and S&P BSE Largecap Index was up 0.68 percent last week.

The Nifty PSU Bank index outperformed the sectoral indices with a gain of nearly 4 percent during the week.

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Here are 10 stocks which moved the most during last week:

Cox & Kings | Down 39 percent

Brickwork Ratings India Pvt Ltd has downgraded its rating on the company’s Rs 50 crore non-convertible debentures issue (NCDs) from BWR AA to BWR AA- with Stable outlook.

Meanwhile, it has retained its rating on the commercial paper of the company as BWR A1+.

Out of the aggregate amount of Rs 200 crore of the unsecured commercial papers, the company paid Rs 50 crore, and the balance amount of Rs 150 crore has not been paid.

The company was required to pay Rs 200 crore but only paid Rs 50 crore and defaulted on Rs 150 crore.

"The company has been meeting its liability obligations. However, due to cash flow mismatch and a situation exacerbated by rating downgrade, the company proposes to meet its financial obligations through a combination of internal accruals and monetisation of assets," the company said in its release.

The company is working towards plans to make good its obligations, it added.

Reliance Power | Down 23 percent

ICRA has revised the long-term and short-term ratings of Sasan Power to ICRA BB+ (Negative Outlook) and ICRA A4 respectively, attributing to the deterioration in the financial risk profile of Reliance Power Group and the uncertainty regarding regulatory approval of tariff matters relating to the change in law during construction and forex variation.

There are 34 stocks including Reliance Power that will no longer be part of the futures and options (F&O) segment on the NSE from June 28.

Other stocks are Jet Airways, Jain Irrigation, PC Jeweller, IRB Infrastructure, CG Power, CEAT, Ajanta Pharma, IDFC, Kaveri Seed Company, South Indian Bank and Godrej Industries, among others.

Suzlon Energy | Up 15 percent

The share price gained 28 percent last week on the news of the company offering to sell the majority stake to Brookfield for settling loans.

However, the company clarified that it continues to work on significant debt reduction, as committed, and did not comment on rumours.

Also, as a wholesome approach towards liability management, the company has been exploring various funding options like raising fresh equity. The company has been engaging with its lenders in this regard to arrive at mutually acceptable and viable options.

IFCI | Up 11 percent

The company, after making substantial NPA's clean-up and significant recovery exercises in 2018-19 specifically in the ailing power sector, has prepared a detailed corporate business plan and got approved by its board of directors at the meeting held on June 24, based on the prevailing economic, banking and finance conditions and status.

Apart from covering the areas of sanctions, disbursements, advisory and aggressive recoveries from NPAs, the plan also envisages sale of non-core assets & investments, including a proposed sale of shareholding in the National Stock Exchange of India and other divestments.

The plan for divestments and monetisation is, however, subject to statutory and regulatory clearances, and other required approvals.

Goldiam International | Up 3 percent

The jewellery company said in its BSE filing that it had received its largest order ever for a single ring style for 10,000 pieces from a large US-based retailer.

The order is worth approximately Rs 35 crore, it added.

With this, its open order value crossed Rs 70 crore as on date.

Torrent Power | Up 15 percent

The company received approval from Gujarat Electricity Regulatory Commission (GERC) for power procurement arrangement of 278 MW between the company's UNOSUGEN power plant and its Licensed Distribution Business for cities of Ahmedabad, Gandhinagar and Surat.

The approval, with certain stipulations, is for the balance life of the plant i.e. 19 years. UNOSUGEN power plant’s capacity is 382.5 MW.

TV Today Network | Up 11 percent

HDFC Mutual Fund increased its holding in media firm by 2.14 percent stake through open market transaction on June 24.

Schemes of HDFC Mutual fund, which earlier held 5 percent stake in TV Today Network, bought 12.78 lakh shares, amounting to 2.14 percent shareholding in the company, as per a regulatory filing by the MF house.

After the transaction, HDFC Mutual Fund's stake in TV Today now stands at 7.14 percent, increased from 5.004 percent earlier.

Based on weighted average price of the stock at Rs 254.66 per share on June 24, the transaction is estimated to be valued at Rs 32.55 crore.

Radico Khaitan | Up 13 percent

Shares of liquor maker Radico Khaitan rallied last week after Emkay felt the stock was undervalued and had the potential to return 79 percent.

"We find the stock deeply undervalued as it trades at 14x FY21E EPS – a 23 percent discount to its five-year average P/E of 18.2x. We maintain buy with an unchanged target price of Rs 529 (25xFY21E EPS)," the brokerage said.

It is confident about the company's resilient business model, which enables the company to protect its EBITA margins for FY20. "Any price hikes will further boost EBITDA margins. Our investment thesis is supported by FY19-21E EPS CAGR of 23 percent," it said.

The brokerage believes that the broader midcap sell-off, concerns about rising raw material costs and fears about liquor ban in Andhra have overshadowed positive developments such as market share gains backed by product launches and continued debt reduction.

Alembic Pharma | Up 6 percent

The company received approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Bromfenac Ophthalmic Solution 0.09 percent," the pharma company said in its filing.

The approved ANDA is therapeutically equivalent to the reference listed drug (RLD), Bromday Ophthalmic Solution of Bausch & Lomb.

The drug is indicated for the treatment of post-operative inflammation and reduction of ocular pain in patients who have undergone cataract surgery.

Alembic said Bromfenac Ophthalmic Solution had an estimated market size of $6 million for 12 months ending December 2018, according to IQVIA data.

Alembic now has a total of 96 ANDA approvals (84 final approvals and 12 tentative approvals) from USFDA, it added.

DLF | Up 6 percent

The company's promoters infused Rs 2,250 crore in the company against the issuance of new equity shares.

The new infusion came through two holding entities including Rajdhani Investments & Agencies and DLF Urva Real Estate Developers & Services which has taken the promoters’ collective stake to 74.95 percent in the company.


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First Published on Jun 29, 2019 12:56 pm
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