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In Pics | Movers & Shakers: Top 10 Stocks Which Moved The Most This Week

Nifty closed in the green on May 8 but failed to hold the crucial 9,300-mark to form a bearish candle on the daily charts as the closing was much lower than the opening level.

May 9, 2020 / 05:34 PM IST
For the week, both the Sensex and the Nifty fell more than 6 percent while the Nifty Bank index fell 10 percent. Nifty formed a bearish candle on the weekly scale as it lost more than 6 percent after rallying nearly 8 percent in the previous week.
For the week, both the Sensex and the Nifty fell more than 6 percent while the Nifty Bank index fell 10 percent. Nifty formed a bearish candle on the weekly scale as it lost more than 6 percent after rallying nearly 8 percent in the previous week.
itc
ITC | Share price was down 13 percent after media report stated that the centre is reportedly looking to raise Rs 22,000 crore by selling its stake in ITC (7.94 pecent) which it holds through the Specified Undertaking of the Unit Trust of India (SUUTI), in a bulk deal on the exchanges. The government is looking to complete the transaction by end of the first or second week of May, says a report by The Economic Times. “The proposed transaction is expected at a marginal discount of 2-3 percent to underlying trading price on the transaction date,” the source told the paper, adding that the government is expected to “exit completely” from ITC.
Reliance Industries | Share price was up over 6 percent for the week after US-based private equity fund said it is going to pick a stake in the company's digital unit. The stock has rallied about 40 percent since April. Vista Equity Partners will pick up a 2.32 percent stake in the company's Jio Platforms for Rs 11,367 crore at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Also, the company announced an investment of Rs 5,656 crore by Silver Lake in Jio Platforms, the digital services business of RIL. Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Reliance Industries | Share price was up over 6 percent for the week after US-based private equity fund said it is going to pick a stake in the company's digital unit. The stock has rallied about 40 percent since April. Vista Equity Partners will pick up a 2.32 percent stake in the company's Jio Platforms for Rs 11,367 crore at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Also, the company announced an investment of Rs 5,656 crore by Silver Lake in Jio Platforms, the digital services business of RIL. Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
NIIT Tech | Share price jumped 16 percent for the week after the company reported a 11.4 percent rise in consolidated net profit to Rs 113.6 crore for the March 2020 quarter. Its consolidated revenue grew 19 percent to Rs 1,109.3 crore in the quarter under review from Rs 931.9 crore in the year-ago period, it added. The company's board declared a third interim dividend of Rs 11 per share, and the record date for the same has been fixed for May 15, 2020.
NIIT Tech | Share price jumped 16 percent for the week after the company reported a 11.4 percent rise in consolidated net profit to Rs 113.6 crore for the March 2020 quarter. Its consolidated revenue grew 19 percent to Rs 1,109.3 crore in the quarter under review from Rs 931.9 crore in the year-ago period, it added. The company's board declared a third interim dividend of Rs 11 per share, and the record date for the same has been fixed for May 15, 2020.
Mahindra & Mahindra SUV
Mahindra & Mahindra | Share price was up over 5 percent for the week. The company has launched an integrated online platform that will provide end-to-end sales experience for prospective buyers amid the coronavirus pandemic. Under the new initiative -- Own-Online, a customer can finance, insure, exchange, accessories and own a company vehicle, in four simple steps, from the comfort of their homes, the auto major said.
Persistent Systems | Share price was up 11 percent after the company delivered a steady performance in a tough environment, with better-than-expected performance in both revenue and operating profitability. USD revenue came at $127.1 million, down by 1.8 percent QoQ, attributed to significant 24.3 percent QoQ decline in IP-led revenue due to weak seasonality and lower revenue re-seller business because of COVID-19 outbreak. PAT declined 4.7 percent QoQ mainly due to lower forex gain. Most brokerages retained their buy rating on the stock given the steady growth in Q4FY20 and reasonable valuation after recent fall.
Persistent Systems | Share price was up 11 percent after the company delivered a steady performance in a tough environment, with better-than-expected performance in both revenue and operating profitability. USD revenue came at $127.1 million, down by 1.8 percent QoQ, attributed to significant 24.3 percent QoQ decline in IP-led revenue due to weak seasonality and lower revenue re-seller business because of COVID-19 outbreak. PAT declined 4.7 percent QoQ mainly due to lower forex gain. Most brokerages retained their buy rating on the stock given the steady growth in Q4FY20 and reasonable valuation after recent fall.
SBI Life Insurance | Share price gained 4 percent after the company posted a 15.9 percent year-on-year (YoY) rise in its March quarter (Q4) net profit at Rs 530.67 crore. The net investment income stood at a negative of Rs 6,677.19 crore in Q4 as against investment income of Rs 4,150.73 crore in the year-ago period. SBI Life's net premium income stood at Rs 11,862.98 crore in Q4FY20, showing a 4.7 percent YoY increase. The life insurer had set aside a provision of Rs 107.26 crore in Q4 for diminution in value of investments and provisions for standard, non-standard assets.
SBI Life Insurance | Share price gained 4 percent after the company posted a 15.9 percent year-on-year (YoY) rise in its March quarter (Q4) net profit at Rs 530.67 crore. The net investment income stood at a negative of Rs 6,677.19 crore in Q4 as against investment income of Rs 4,150.73 crore in the year-ago period. SBI Life's net premium income stood at Rs 11,862.98 crore in Q4FY20, showing a 4.7 percent YoY increase. The life insurer had set aside a provision of Rs 107.26 crore in Q4 for diminution in value of investments and provisions for standard, non-standard assets.
AU Small Finance Bank | Share price plunged 22 percent after Japanese brokerage firm Nomura downgraded its rating to 'neutral' from 'buy' earlier. The research firm also slashed price target significantly by 53 percent to Rs 500 from Rs 1,065 per share earlier as AU SFB traded at a significant premium to peer small finance banks. AU Small Finance Bank's profit has grown at a muted rate of 3 percent YoY on the back of the strong provision for COVID-19 taken for Rs 151 crore. Net interest income has remained muted at 9 percent QoQ on the back of a slowdown in AUM growth of 3 percent QoQ.
AU Small Finance Bank | Share price plunged 22 percent after Japanese brokerage firm Nomura downgraded its rating to 'neutral' from 'buy' earlier. The research firm also slashed price target significantly by 53 percent to Rs 500 from Rs 1,065 per share earlier as AU SFB traded at a significant premium to peer small finance banks. AU Small Finance Bank's profit has grown at a muted rate of 3 percent YoY on the back of the strong provision for COVID-19 taken for Rs 151 crore. Net interest income has remained muted at 9 percent QoQ on the back of a slowdown in AUM growth of 3 percent QoQ.
hexaware
Hexaware Tech | Share price was down 15 percent for the week. The company reported a 4.7 percent sequential increase in consolidated profit at Rs 174.96 crore in the first quarter of CY20, driven by forex gains. Revenue from operations grew by 0.8 percent quarter-on-quarter to Rs 1,541.75 crore, but dollar revenue declined 1.7 percent to $210.6 million and revenue degrowth in constant currency was at 1.1 percent QoQ. Motilal Oswal has downgraded EPS estimates over FY21–22E by 13–15%. The stock is currently trading at 15x Mar’21 E EPS. Relatively weaker commentary (v/s that of peers) and the possibility of a further downside in certain key accounts may keep multiples under check. Additionally, a heavier balance sheet and the overhang around an impending stake sale by Barings should further weigh on multiples, it added.
Bank of Baroda | Share price was down 16 percent after non-performing assets of the bank soared more than six-fold to Rs 73,140 crore in six years, according to a Right to Information reply. The NPA of Bank of Baroda (BoB) rose from Rs 11,876 crore at March-end 2014 to Rs 73,140 crore at December-end 2019, the RTI reply showed.
Bank of Baroda | Share price was down 16 percent after non-performing assets of the bank soared more than six-fold to Rs 73,140 crore in six years, according to a Right to Information reply. The NPA of Bank of Baroda (BoB) rose from Rs 11,876 crore at March-end 2014 to Rs 73,140 crore at December-end 2019, the RTI reply showed.
Axis Bank | Share price shed 14 percent after the bank posted net loss of Rs 1,387.78 crore for January-March quarter 2020, largely impacted by spike in provisions. However, higher other income, pre-provision operating profit and NII limited the loss. Axis Bank expects fee income growth to slow down and provisions to increase in FY21.
Axis Bank | Share price shed 14 percent after the bank posted net loss of Rs 1,387.78 crore for January-March quarter 2020, largely impacted by spike in provisions. However, higher other income, pre-provision operating profit and NII limited the loss. Axis Bank expects fee income growth to slow down and provisions to increase in FY21. "Further downgrades are expected in BB & Below book during FY21." Fee income growth is expected to slow down and provisions are expected to increase and further downgrades are expected in BB & Below book during FY21, the bank said.
Moneycontrol News
first published: May 9, 2020 05:34 pm

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