In Pics | Movers & Shakers: 10 stocks which moved the most this week The S&P BSE Sensex rose 1.2 percent while the Nifty50 gained 1.3 percent for the week ended June 26 compared with 3.5 percent rally seen in the S&P BSE Mid-cap index, and the S&P BSE Small-cap index closed with gains of 2.8 percent in the same period.
June 27, 2020 / 01:51 PM IST
The S&P BSE Sensex rose 1.2 percent while the Nifty50 gained 1.3 percent for the week ended June 26 compared with 3.5 percent rally seen in the S&P BSE Mid-cap index, and the S&P BSE Small-cap index closed with gains of 2.8 percent in the same period. As many as 55 socks in the S&P BSE 500 index rallied 10-30 percent in a week.
Karur Vysya Bank | The stock zoomed 35 percent after it reported 39.5 percent jump in net profit at Rs 83.70 crore for the quarter ended March 2020 on higher income from other sources, even as provisioning went up substantially. The private sector lender had posted a net profit of Rs 60.02 crore during the corresponding January-March quarter period of preceding fiscal year 2018-19. The bank's provisioning for bad loans and contingencies during March quarter of FY20 were raised to Rs 429.27 crore as against Rs 352.34 crore in the year-ago period, Karur Vysya Bank said in a regulatory filing.
Reliance Infra | Stock jumped over 33 percent after the company Chairman Anil Ambani said the company will be completely debt-free this financial year. RInfra, which is sitting on a debt of over Rs 6,000 crore, has been working towards monetising its assets to reduce debt. Addressing the company's 91st annual shareholders meeting through an online platform, Ambani said, "RInfra will be a debt-free company this year."
Indian Overseas Bank | The share price of Indian Overseas Bank surged over 31 percent following March quarter earnings. The stock has recovered all its losses seen during March lows, now rising 97 percent from March lows or trading at highest level of 2020. The lender reported net profit at Rs 143.8 crore for the quarter ended March 2020 against loss of Rs 1,985.2 crore in same period last year, following sharp slide in provisions. Asset quality also improved during the quarter with gross non-performing assets (NPA) as a percentage of gross advances falling 230 bps QoQ to 14.8 percent and net NPA declining 40 bps to 5.4 percent compared to previous quarter.
Sterling and Wilson Solar | The stock jumped over 24 percent after the company's US-based subsidiary bagged the largest solar project in the country. Sterling and Wilson Solar Solutions Inc said it has been awarded a $99 million (Rs 747 crore) contract to construct a 194 MW project in the United States. It is being developed by a leading sustainable energy company, it said in a filing to the exchanges.
UCO Bank | The stock was up 23 percent after the bank's net profit rose to Rs 16.78 crore for the fourth quarter ended March 31, mainly due to fall in NPA and lower provisioning. The Kolkata-headquartered lender had posted net loss of Rs 1,552.03 crore during January-March quarter of 2018-19. Sequentially also, there was a net loss of Rs 960.17 crore in third quarter of 2019-20. Income during the March quarter increased to 4,511.21 crore, from Rs 4,148.52 crore in same period of preceding fiscal, UCO Bank said in a regulatory filing.
Piramal Enterprises | Shares were up 15 percent for the week. The company board has approved raising up to Rs 2,590 crore through issuance of secured non-convertible bonds on a private placement basis. It has raised Rs 2,590 crore through issuance of debt securities to US-based investment firm Farallon Capital, sources said.
Glenmark Pharma | The stock gained 14 percent for the week. The company posted a 36.28 percent increase in its consolidated net profit to Rs 220.3 crore for the fourth quarter ended March 31, 2020. The Mumbai-based drug firm had reported a net profit of Rs 161.66 crore for the corresponding period of 2018-19. The company's consolidated revenue for the quarter rose 7.96 percent to Rs 2,767.48 crore as against Rs 2,563.47 crore a year ago, Glenmark Pharmaceuticals said in a regulatory filing. The pharma company said it received Indian regulatory approval to make and sell oral antiviral drug favipiravir for treating mild-to-moderate COVID-19 infections in the country.
Indiabulls Housing Finance | Share price gained 12 percent after Morgan Stanley Asia (Singapore) Pte bought 45,22,602 shares of the company at Rs 184.76 per share, according to bulk deal data available on NSE. Separately, iShares Emerging Markets Dividend UCITS ETF bought 25,69,494 shares in company at Rs 189.51 per share and iShares Emerging Markets Dividend ETF bought 45,58,746 shares in company at Rs 189.51 per share. Indiabulls Housing Finance is one of the 12 stocks which has been added in the Nifty Midcap 100 index effective June 26.
Cochin Shipyard | Shares were up over 9 percent after the company posted a 44 percent jump in consolidated profit to Rs 137.52 crore for the quarter ended March 31, 2020. The company had clocked a profit of Rs 95.44 crore in the corresponding period of fiscal 2018-19, it said in a regulatory filing to the BSE on June 20. Total consolidated income rose to Rs 861.07 crore during the quarter under review as against Rs 851.26 crore earlier. Total consolidated expenses declined to Rs 677.77 crore from Rs 692.11 crore in the same quarter of the preceding financial year. For the full fiscal 2019-20, the company recorded a consolidated profit of Rs 632 crore as against Rs 477 crore in 2018-19.
Larsen & Toubro | The stock price gained 7 percent after the company said it has secure large contracts for its various businesses, including two packages of Delhi-Vadodara Expressway. A large contract, as per the company's specification, is between Rs 2,500 crore to Rs 5,000 crore. "The construction arm of L&T has secured orders from prestigious clients for its varied businesses...The Transportation Infrastructure business has secured an EPC (engineering, procurement and construction) contract to construct Packages 11 and 22 of the Delhi Vadodara Expressway, which when completed will be the country's longest expressway of National Highways Authority of India under its flagship Bharat Mala programme," the company said in a statement.