The Nifty50 climbed 497.25 points or 4.36 percent to 11,914.20, the highest closing level since February 20 this year. The BSE Sensex rallied 1,812.44 points or 4.68 percent to 40,509.49 but the broader markets closed flat.
The market retained the uptrend for the second consecutive week that ended October 9, backed by positive global cues, a strong start to the September quarter earnings season and a dovish commentary by the RBI. Stimulus hopes in India and the US also lifted sentiment. The Nifty50 climbed 497.25 points or 4.36 percent to 11,914.20, the highest closing level since February 20. The BSE Sensex rallied 1,812.44 points or 4.68 percent to 40,509.49 but the broader markets underperformed the benchmark indices, closing on a flat note.
Thyrocare Technologies | The stock surged over 41 percent last week after the company's revenue for the quarter was up 37 percent as compared to last year. It jumped 171 percent as compared to the previous quarter. The company had done more than 4 lakh COVID-19 RT-PCR tests and more than 3.20 Lakh Covid antibody tests as on September 30.
Wipro | The share price gained 20 percent on reports of the board considering buyback of shares. The board of directors will be take up a proposal to buyback equity shares of the company at the meeting scheduled for October 13, 2020. "The outcome of the board meeting will be communicated to the stock exchanges soon after the conclusion of the board meeting on October 13, 2020," it added. Wipro is also slated to announce its results for the September quarter that day.
Infibeam Avenues | The stock price was up 17 percent after the company entered into a definitive agreement with Bank Dhofar. The company has entered into a definitive agreement with Oman's second-largest bank to offer its acquiring processor services to the bank. It entered into an agreement with Reliance Jio where the company will use its enterprise platform for its ecommerce and payment operations, Infibeams said in a BSE filing on October 5.
Bandhan Bank | The stocks gained 14 percent last week. The bank's total advances for the quarter grew by 3 percent sequentially while deposits growth was 9 percent QoQ, the bank said, adding the year-on-year increase was 20 percent and 34 percent respectively. Total advances increased to Rs 76,724 crore as on September 2020, compared to Rs 74,331 crore as on June 2020 and Rs 64,186 crore in September 2019, the bank told BSE. Deposits jumped to Rs 66,153 crore in September 2020, from Rs 60,610 crore in the previous quarter and Rs 49,195 crore in the year-ago period, it added.
TCS | The stock gained 11 percent after the IT major reported a profit after tax of Rs 7,475 crore for the quarter ended September 2020, registering a 6.7 percent sequential growth. Consolidated revenue from operations for the quarter grew by 4.7 percent sequentially to Rs 40,135 crore, while the company registered a 4.8 percent QoQ growth in constant currency and 7.2 percent in dollar revenue for the quarter. The deal wins for the quarter were strong with total contract value at $8.6 billion against $6.9 billion in Q1FY21. "...the board of directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on October 7, 2020," the company informed the exchanges on October 4.
Can Fin Homes | The share price added 11 percent after the Reserve Bank of India rationalised the risk weights on housing loans. "Under the extant regulations, differential risk weights are applicable to individual housing loans, based on the size of the loan as well as the loan-to-value ratio (LTV)," RBI governor Shaktikanta Das said in a policy statement. "In recognition of the role of the real estate sector in generating employment and economic activity, it has been decided to rationalise the risk weights and link them to LTV ratios only for all new housing loans sanctioned up to March 31, 2022. This measure is expected to give a fillip to the real estate sector," he added.
Interglobe Aviation | The stock price gained 7 percent after news that the government will soon permit scheduled airlines to deploy up to three-fourths of their aircraft fleet capacity before the COVID outbreak on domestic routes, up from the current 60 percent.
HDFC | The stock added 9 percent after the private lender said loan applications it received during the July-September 2020 period grew by 12 percent over the corresponding quarter of the previous year. On individual loan approval, the lender said it grew by 9 percent compared to the corresponding quarter of the previous year. During the quarter ended September 30, 2020, HDFC assigned loans amounting to Rs 3,026 crore compared to Rs 7,160 crore in the corresponding quarter of the previous year. CLSA maintained its "outperform" call on the stock with the target at Rs 2,100 per share.
Havells India | The share price gained 6 percent on expectations of margin improvement in the July-September quarter (Q2FY21). The stock of the consumer durable company is trading close to its 52-week high level of Rs 717, touched on November 8, 2019. For the July-September quarter, Havells electrical consumer durables (ECD) and Lloyd is expected to see 11.6 percent and 20.2 percent growth, respectively. Growth in ECD should be on the back of fans, water heaters and kitchen and appliances, while a favourable base should elevate growth in Lloyd, said Emkay Global Financial Services.
Future Retail | The share price was down 13 percent after Amazon.com Inc sent a legal notice to Kishore Biyani-led Future Group over its Rs 24,700-crore asset sale to Reliance Retail Ventures Ltd, calling it a breach of a 2019 agreement between Amazon and Future.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd. which published moneycontrol.com
First Published on Oct 11, 2020 11:27 am