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Last Updated : Jul 11, 2020 09:58 AM IST | Source: Moneycontrol.com

In pics | Movers & Shakers: 10 stocks which moved the most this week

Traders should wait for a breakout above 10,900 or a break down below 10,676 levels, say experts.

The Nifty50 and the S&P BSE Sensex rose 1.5 percent each last week. In terms of sectors, the NiftyBank rose 2.5 percent and the Nifty Metal rallied 3.5 percent. On Friday, the markets continued their volatile movements and ended the day negative, tracking mixed global cues. The market saw profit-taking at higher levels, and it looked like the index was in a no-trade zone. Traders should wait for a breakout above 10,900 or a break down below 10,676 levels (intraday low of July 8), say experts.

The Nifty50 and the S&P BSE Sensex rose 1.5 percent each last week. In terms of sectors, the NiftyBank rose 2.5 percent and the Nifty Metal rallied 3.5 percent. On Friday, the markets continued their volatile movements and ended the day negative, tracking mixed global cues. The market saw profit-taking at higher levels, and it looked like the index was in a no-trade zone. Traders should wait for a breakout above 10,900 or a break down below 10,676 levels (intraday low of July 8), say experts.

IOL Chemicals | The stock surged 33 percent after CARE Ratings upgraded the ratings of the company’s bank facilities. The rating agency has also withdrawn the rating assigned to the long-term loan facility of IOL Chemicals as the company has repaid term loan in full and there is no outstanding under the said loan as on date. “CARE Ratings has upgraded the credit rating by one notch to CARE A from CARE A- for the banking facilities availed by the Company, “IOL Chemicals said in an exchange filing.

IOL Chemicals | The stock surged 33 percent after CARE Ratings upgraded the ratings of the company’s bank facilities. The rating agency has also withdrawn the rating assigned to the long-term loan facility of IOL Chemicals as the company has repaid term loan in full and there is no outstanding under the said loan as on date. “CARE Ratings has upgraded the credit rating by one notch to CARE A from CARE A- for the banking facilities availed by the Company, “IOL Chemicals said in an exchange filing.

IRB Infrastructure | The share price jumped 23 percent with the stock rallying by about 40 percent from Rs 88.55 recorded on June 30 to Rs 124.85 on July 9. Volumes in the stock have also zoomed in the last two months, which confirms the strength in the recent uptrend. The company secured a Rs 2,193-crore highway project in West Bengal under the Bhartmala Pariyojna. It said the project for widening of 63.83 km stretch on National Highways-19 is its first project in eastern India and marks its entry in the ninth state in the country.

IRB Infrastructure | The share price jumped 23 percent with the stock rallying by about 40 percent from Rs 88.55 recorded on June 30 to Rs 124.85 on July 9. Volumes in the stock have also zoomed in the last two months, which confirms the strength in the recent uptrend. The company secured a Rs 2,193-crore highway project in West Bengal under the Bhartmala Pariyojna. It said the project for widening of 63.83 km stretch on National Highways-19 is its first project in eastern India and marks its entry in the ninth state in the country.

SAIL

Steel Authority of India | The stock gained 19 percent for the week. It earned a net profit of Rs 2,021.54 crore in FY’20 on a turnover of Rs 61,024.88 crore. The net profit for the year was a shade below the previous year's figure of Rs 2179 crore. The company also reported a Profit Before Tax (PBT) of Rs 3,170.66 crore including the onset of the coronavirus pandemic, an official statement said.

PI Industries | The stock gained 11 percent after the company successfully raised Rs 2,000 crore via qualified institutional placements (QIP). It has fixed issue price at Rs 1,470 per share, about 4 percent lower than the floor rate, for sale of shares to institutional investors.

PI Industries | The stock gained 11 percent after the company successfully raised Rs 2,000 crore via qualified institutional placements (QIP). It has fixed issue price at Rs 1,470 per share, about 4 percent lower than the floor rate, for sale of shares to institutional investors.

IndusInd Bank | The share price was up 10 percent on reports of US-based hedge fund Route One Investment Company initiating talks to increase its stake in the Hinduja Group-backed lender. US-based hedge fund Route One Investment Company had initiated talks to increase its stake in the Hinduja Group-backed lender, which is exploring multiple options to strengthen its Balance Sheet and raise capital, sources told Moneycontrol.

IndusInd Bank | The share price was up 10 percent on reports of US-based hedge fund Route One Investment Company initiating talks to increase its stake in the Hinduja Group-backed lender. US-based hedge fund Route One Investment Company had initiated talks to increase its stake in the Hinduja Group-backed lender, which is exploring multiple options to strengthen its Balance Sheet and raise capital, sources told Moneycontrol.

Bharat Dynamics | The shares were up 8 percent after the company reported a surge in net profit in its March quarter numbers. The company reported a 149.51 percent surge in net profit to Rs 309.72 crore in Q4 FY20 over Q4 FY19. The stock gained as India on July 2 approved the purchase of 33 Russian fighter jets and upgrades to 59 warplanes at a cost of Rs 18,148 crore amid rising tensions with China.

Bharat Dynamics | The shares were up 8 percent after the company reported a surge in net profit in its March quarter numbers. The company reported a 149.51 percent surge in net profit to Rs 309.72 crore in Q4 FY20 over Q4 FY19. The stock gained as India on July 2 approved the purchase of 33 Russian fighter jets and upgrades to 59 warplanes at a cost of Rs 18,148 crore amid rising tensions with China.

Bandhan Bank | Bandhan Bank shares gained 7 percent after the private lender reported a deposit growth of 6 percent on a quarter-on-quarter basis to Rs 60,602 crore as on June 30. Year on year, deposits grew by 35 percent, the bank told stock exchanges. Total advances grew 3 percent QoQ and 18 percent YoY to Rs74,325 crore in June, it said. The share of micro-banking deposits to total deposits stood at 5 percent on June 30 against 5.7 percent on March 31.

Bandhan Bank | Bandhan Bank shares gained 7 percent after the private lender reported a deposit growth of 6 percent on a quarter-on-quarter basis to Rs 60,602 crore as on June 30. Year on year, deposits grew by 35 percent, the bank told stock exchanges. Total advances grew 3 percent QoQ and 18 percent YoY to Rs74,325 crore in June, it said. The share of micro-banking deposits to total deposits stood at 5 percent on June 30 against 5.7 percent on March 31.

Suzlon

Suzlon Energy | The stock shed 11 percent after the company reported losses in the quarter ended March 2020. The company posted a consolidated net loss of Rs 834.22 crore, mainly due to lower revenues and high finance cost. The consolidated net loss was Rs 294.64 crore in the quarter ended on March 31, 2019, a regulatory filing said. Total income from operations declined to Rs 658.89 crore in the quarter under review from Rs 1,450.47 crore in the year-ago period.

IDBI Bank | The share price shed 14 percent after officials said that the government is planning to raise as much as Rs 20,000 crore by selling stake in Coal India and IDBI Bank, media reports said. The report said that the proposal to sell shares will take place depending on market sentiment. In the case of Coal India, the company will buy back shares from the government if valuations are not attractive.

IDBI Bank | The share price shed 14 percent after officials said that the government is planning to raise as much as Rs 20,000 crore by selling stake in Coal India and IDBI Bank, media reports said. The report said that the proposal to sell shares will take place depending on market sentiment. In the case of Coal India, the company will buy back shares from the government if valuations are not attractive.

First Published on Jul 11, 2020 09:58 am
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