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Gainers & Losers: Five stocks that moved the most on March 14

On the sectoral front, IT and bank indices rose 2 percent each but the realty index slipped nearly 2 percent. The BSE midcap index ended flat and the smallcap gained 0.3 percent

March 14, 2022 / 04:12 PM IST
India's equity benchmarks ended higher for the fifth consecutive session on March 14, led by gains in IT, auto and banking names. At close, the Sensex was up 935.72 points, or 1.68%, at 56,486.02, and the Nifty gained 240.80 points, or 1.45%, at 16,871.30.
India's equity benchmarks ended higher for the fifth consecutive session on March 14, led by gains in IT, auto and banking names. At close, the Sensex was up 935.72 points, or 1.68%, at 56,486.02, and the Nifty gained 240.80 points, or 1.45%, at 16,871.30.
Sapphire Foods
Jubilant FoodWorks | CMP: Rs 2,514.70 | The stock fell over 12 percent following the news of the resignation of the company’s CEO and whole-time director Pratik Rashmikant Pota. “The board of directors of Jubilant FoodWorks in their meeting held on March 11, 2022, accepted the resignation of Pratik Rashmikant Pota as the CEO and whole-time director of the company as he wishes to pursue opportunities outside Jubilant FoodWorks,” the company said in a statement. Pota will continue in his current role till June 15. Morgan Stanley downgraded the stock to 'underweight' from 'overweight' and cut the target price to Rs 2,250 from Rs 5,000 per share. JPMorgan has also downgraded the stock to 'neutral' from 'overweight' on rising demand/margin risks. It has cut the target price to Rs 3,000 from Rs 4,025 per share and lower FY23/24 EPS estimates by 11 percent/8 percent largely on back of margin cuts.
digital banking
HDFC Bank | CMP: Rs 1,442.25 | The share price gained over 3 percent after the Reserve Bank of India (RBI) lifted the restrictions that were placed on the fresh digital launches of HDFC Bank. "The Reserve Bank of India has lifted the restriction on the business generating activities planned under the HDFC Bank’s Digital 2.0 programme, vide its letter dated March 11, 2022," the bank said in a press release.
Paytm
One97 Communications (Paytm) | CMP: Rs 680.40 | The scrip tumbled more than 12 percent after the Reserve Bank of India on March 11 banned Paytm’s Payments Bank from onboarding new customers and asked the company to undertake an IT systems audit to review gaps in the fintech company’s technology in a fresh blow to investors of the company. The company in a statement said it was taking immediate steps to comply with the central bank's directions.
DEEPAK-NITRITE 2
Deepak Nitrite | CMP: Rs 2,231 | The stock price jumped over 8 percent as prices of phenol are expected to rise after one of the biggest producing hubs in China was locked down. China’s Jilin province, which is a major production hub for phenol, went under lockdown after reporting 895 COVID-19 cases in one of the worst outbreaks since the start of the pandemic in 2020. With the supply of phenol from China likely to be disrupted because of lockdown, analysts expect global phenol prices to rise, which will likely benefit the earnings of Deepak Nitrite, a major producer of the chemical in India.
PNC INFRATECH
PNC Infratech | CMP: Rs 248.90 | The share added over 2 percent after the company was declared the lowest bidder for the  NHAI project for four-laning NH 530B in Uttar Pradesh on hybrid annuity mode, for a bid project cost of Rs 738 crore. The work is to be completed in 24 months and operated for 15 years post construction.
Sandip Das
first published: Mar 14, 2022 04:12 pm
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