Movers & Shakers | 10 stocks that moved the most last week If Nifty fails to sustain above 16,478 levels then eventually it may slip towards 16,200 levels, according to the expert. For the time being, Mazhar advises, that it looks prudent to wait for more signs of stability on the index before initiating a trade.
February 27, 2022 / 11:32 AM IST
Indian market tumbled more than 3 percent and extended its losing streak in the third straight week ended February 25 amid escalation of geopolitical tensions between Russia and Ukraine. The market witnessed extreme volatility in the last week amid uncertainty over war-like situation and registered the biggest single day fall on February 24 after Russia invaded Ukraine, however, witnessed a smart pull back after the US and UK imposed new sanction on Russia.
Indiabulls Housing Finance | The share price fell over 19 percent in the week gone by. The Enforcement Directorate searched premises of Indiabulls Housing Finance in Mumbai on February 21. The firm, in a regulatory filing, said the ED has sought information regarding certain clients in connection to a case that was registered against it by Ashutosh Kamble, a Palghar-based investor, in April last year. The Enforcement Case Information Report (ECIR) was registered by ED against Indiabulls Housing, promoter Sameer Gehlaut, and other related companies and individuals based on the complaint. Indiabulls Housing informed the stock exchanges that the complaints levelled against it are "malacious".
Indus Towers | The stock was down over 15 percent after British telecom giant Vodafone Plc on February 23 announced that it would sell a 2.4 percent stake in Indus Towers through a block deal to telecom major Bharti Airtel. The two telecom giants are the company's promoters. Vodafone holds about 28 percent, while Bharti Airtel holds close to 42 percent in Indus Towers. “Bharti Airtel (“Airtel”) has entered into an agreement with Vodafone to buy 4.7% equity interest in Indus Towers on the principal condition that the amount paid shall be inducted by Vodafone as fresh equity in Vodafone Idea (Vi) and simultaneously remitted to Indus Towers to clear Vi’ outstanding dues,” the Sunil Mittal-led telco said in an official statement. Foreign research firm Jefferies maintained the 'buy' call on the stock. Jeffery's has, however, cut the target price to Rs 295 from Rs 320 per share.
Kansai Nerolac | The scrip slipped over 8 percent last week. The company reported a 34.7 percent YoY de-growth in profit after tax (PAT) at Rs 132 crore due to lower industrial volume offtake and delay in passing of higher raw material prices and higher operational cost. Net revenue from operations grew 13 percent YoY at Rs 1,694 crore.
CG Consumer | The share price added 6 percent after the company said that it signed definitive agreements on February 22 to acquire up to 55% stake in Butterfly Gandhimathi Appliances for Rs 1,379.68 crore as the electrical consumer durables company looks to raise its play in small domestic appliances. The company, which will do the deal at Rs 1,403.00 per share, will also buy certain Butterfly trademarks from promoter group entities for Rs 30.38 crore. Moreover, Crompton will also launch a mandatory open offer for 26% of the firm engaged in manufacturing, marketing and distribution of kitchen and small domestic appliances, at a price of Rs 1,433.90 per share. This prices the open offer at Rs 666.57 crore.
Apollo Hospitals | The stock rose 3 percent as the National Stock Exchange (NSE) had announced that the stock would be included in the benchmark Nifty 50 index effective from March 31. Apollo Hospitals will become the first ever healthcare services company to become part of the benchmark index and will replace Indian Oil Corporation. Brokerage firm Edelweiss Securities expects the inclusion of Apollo Hospitals into Nifty 50 to result in inflows of $143 million from exchange-traded funds that mirror the index. Dealers said that the stock could see buying from traders ahead of the inclusion in the index in the hope of selling the shares to exchange-traded funds after the inclusion.
RAIN Industries | The share slipped over 12 percent in the week gone by. The company posted a consolidated net loss of Rs 97 crore in Q4 December 2021 as compared to a net profit of Rs 307 crore registered in Q4 December 2020. Net sales jumped 52.5 percent to Rs 4,026 crore in Q4 December 2021 from Rs 2,640 crore posted in Q4 December 2020. Profit before tax sharply declined by 49.8 percent to Rs 223.46 crore in Q4 December 2021 over Q4 December 2020.
Avanti Feeds | The scrip was down over 12 percent in the week gone by. Net profit of the company fell 46 percent to Rs 40.19 crore in the quarter ended December 2021 as against Rs 74.99 crore during the previous quarter ended December 2020. Sales however rose 16 percent to Rs 1068.92 crore in the quarter ended December 2021 as against Rs 915.43 crore during the previous quarter ended December 2020. India Ratings & Research affirmed the credit ratings of Avanti Feeds Limited at IND AA- /Stable.
Interglobe Aviation | The stock price shed over 9 percent in the week gone by. Cofounder and non-executive non-independent director tendered his resignation from the board on Friday with immediate effect. In a letter to the board, Rakesh Gangwal said that his "intention is to gradually reduce stake in InterGlobe over the next five plus years". Aviation stocks have been under pressure as jet fuel prices soared to record high levels across the country after rates were increased by 5.2 percent in line with a rise in international oil prices. ATF price was hiked by Rs 4,481.63 per kilolitre or 5.2 per cent to Rs 90,519.79 per kl in the national capital, according to a price notification of state-owned fuel retailers. This is the highest ever price touched by ATF.
L&T Finance Holdings | The scrip was down over 7 percent after CitiGroup Global Markets Mauritius and CBNA London sold 6.39 crore equity shares or 4.88% stake of the company. Post transaction, CitiGroup Global Markets Mauritius and CBNA London decreased its shareholding to 3.87% stake from 8.75% stake held in L&T Finance Holdings. The deal was executed as secondary market sale.
Power Finance Corporation | The share slipped 8 percent as Life Insurance Corporation of India sold 2.02 percent of its stake in the company through open market transactions. With this sale, LIC's holding has gone down to 5.06 percent, from 7.09 percent earlier.