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Last Updated : May 18, 2020 04:49 PM IST | Source: Moneycontrol.com

Slideshow | Gainers & Losers: 10 stocks that moved the most on May 18

Among sectors, except IT other sectoral indices ended lower, with Nifty Bank fell over 6 percent followed by the auto, metal and Infra. BSE Midcap and Smallcap indices fell between 3-4 percent.

Representative Image

The Indian stock market opened the week in the red as govt's stimulus measures failed to boost the sentiments of the investors. Banks, auto and real estate stocks were the worst hit. At close, Sensex was down 1,068.75 points or 3.44% at 30028.98, while Nifty was down 313.60 points or 3.43% at 8823.25. About 580 shares advanced, 1702 shares declined, and 159 shares remained unchanged. Here's a look at the 10 stocks/ sectors which moved the most today:

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Banks take a beating | Share price of banking names tumbled up to 10 percent led by IndusInd Bank. after Finance Minister Nirmala Sitharaman on May 17 said debts related to COVID-19 will be excluded from the "default" category under the Insolvency and Bankruptcy Code for a period of up to 1 year. Sitharaman also said the minimum threshold to initiate insolvency proceedings has been raised to Rs 1 crore from Rs 1 lakh, which will insulate micro, small and medium. Experts welcomed the step of excluding the COVID-19 related debt defaults, but they found it of no use when there is already a suspension of IBC proceedings for one year. The other losers included RBL Bank, ICICI Bank, SBI and Federal Bank.

Auto stocks skid | Share price of auto stocks were down almost 9 percent as the COVID-led disruption has hit the sector hard. Many experts are of the view that the financial year 2020-21 may be a washout year for the sector. However, they remain positive on the sector for the long-term perspective. TVS Motor was the top loser followed by Maruti Suzuki, Eicher Motors and Ashok Leyland among others.

Auto stocks skid | Share price of auto stocks were down almost 9 percent as the COVID-led disruption has hit the sector hard. Many experts are of the view that the financial year 2020-21 may be a washout year for the sector. However, they remain positive on the sector for the long-term perspective. TVS Motor was the top loser followed by Maruti Suzuki, Eicher Motors and Ashok Leyland among others.

Indigo_interglobe aviation_airline,Aviation

Aviation stocks plunge | Share price of SpiceJet and Interglobe Aviation tanked 4-8 percent after Finance Minister Nirmala Sitharaman on May 16 announced three measures for the aviation sector but none of these may ease the stress the industry is facing, executives say. The extension of lockdown also means that there will be no domestic or international commercial flights till May 31.

ventilator

Zen Technologies | Share price jumped almost 10 upper after the company said it is looking to commercially manufacture ventilators fighting COVID-19. It is looking to commercially manufacture it and discussions are going on the possibility of outsourcing the manufacturing of the Ventilators, it added. On CSR initiative and to support efforts towards fighting COVID-19 in India, the company has concluded the Ventilator development and work for certification is being undertaken.

Nippon Life India Asset Management | Shares fell 6 percent after a sharp decline in profitability for the quarter ended March 2020, but most analysts remained bullish on the stock citing a change in ownership which could gain credibility in the market going forward. Profit after tax during March quarter fell over 97 percent sequentially as well as year-on-year to Rs 4.1 crore on revenue of Rs 274.5 crore that declined 9.4 percent QoQ and 20 percent YoY on fall in equity in overall assets under management.

Nippon Life India Asset Management | Shares fell 6 percent after a sharp decline in profitability for the quarter ended March 2020, but most analysts remained bullish on the stock citing a change in ownership which could gain credibility in the market going forward. Profit after tax during March quarter fell over 97 percent sequentially as well as year-on-year to Rs 4.1 crore on revenue of Rs 274.5 crore that declined 9.4 percent QoQ and 20 percent YoY on fall in equity in overall assets under management.

Sterling and Wilson Solar | Shares were locked in 5 percent upper circuit after signing of largest order in Australia with a value of around AUD 525 million. The solar EPC solutions provider said it has also signed two projects in India with leading global IPPs adding up to a value of Rs 620 crore. The Shapoorji Pallonji group company's cumulative order book in Australia added up to approximately AUD 1 billion (Rs 4,900 crore), making it amongst the largest solar EPCs in this very promising market.

Sterling and Wilson Solar | Shares were locked in 5 percent upper circuit after signing of largest order in Australia with a value of around AUD 525 million. The solar EPC solutions provider said it has also signed two projects in India with leading global IPPs adding up to a value of Rs 620 crore. The Shapoorji Pallonji group company's cumulative order book in Australia added up to approximately AUD 1 billion (Rs 4,900 crore), making it amongst the largest solar EPCs in this very promising market.

Realty stocks hit | Most realty stocks suffered strong losses with Prestige Estates tanking over 9 percent followed by Phoenix Mills, Oberoi Realty, DLF, Indiabulls Real Estate and Godrej Properties. Finance Minister said that the deadline for the completion of real estate projects would be extended by up to six months in the face of the COVID-19 and that it should be treated as a ‘Force Majeure’ event under the Real Estate Regulatory Act (RERA) 2016. This announcement was followed up by the Centre issuing an advisory to all states and union territories to treat the pandemic as an ‘act of God’ and suo motu extend the completion dates of projects.

Realty stocks hit | Most realty stocks suffered strong losses with Prestige Estates tanking over 9 percent followed by Phoenix Mills, Oberoi Realty, DLF, Indiabulls Real Estate and Godrej Properties. Finance Minister said that the deadline for the completion of real estate projects would be extended by up to six months in the face of the COVID-19 and that it should be treated as a ‘Force Majeure’ event under the Real Estate Regulatory Act (RERA) 2016. This announcement was followed up by the Centre issuing an advisory to all states and union territories to treat the pandemic as an ‘act of God’ and suo motu extend the completion dates of projects.

(Image: Reuters)

Coal India | Share price was down 6 percent after the government opened the mining sector to private players to bring in investment and push up production of the industrial fuel. Finance Minister Nirmala Sitharaman allowed commercial mining of coal as she announced the fourth tranche of Rs 20-lakh-crore economic stimulus package. The decision brings to an end the monopoly of Coal India and nearly 50 blocks will be on offer immediately. This will be done via a revenue- sharing mechanism instead of the regime of fixed rupee per tonne.

M&M Financial Services | Share price tanked over 17 percent. The company reported 66 percent fall in consolidated net profit at Rs 239 crore for March quarter 2019-20 due to higher provisions. The company had posted a net profit of Rs 701 crore in the year-ago same period. Total income increased by 8 percent to Rs 3,140 crore during the latest quarter as against Rs 2,902 crore in January-March 2018-19, Mahindra and Mahindra Financial said. During 2019-20, the company's net profit fell by 42 percent to Rs 1,086 crore as against Rs 1,867 crore a year ago.

M&M Financial Services | Share price tanked over 17 percent. The company reported 66 percent fall in consolidated net profit at Rs 239 crore for March quarter 2019-20 due to higher provisions. The company had posted a net profit of Rs 701 crore in the year-ago same period. Total income increased by 8 percent to Rs 3,140 crore during the latest quarter as against Rs 2,902 crore in January-March 2018-19, Mahindra and Mahindra Financial said. During 2019-20, the company's net profit fell by 42 percent to Rs 1,086 crore as against Rs 1,867 crore a year ago.

L&T Technology Services

L&T Technology Services | Share price was up over 3 percent after the company registered net profit of Rs 204.8 crore, up 7 percent year-on-year, for the quarter-ended March 31. However, sequential growth in net profit was marginal. Revenue stood at Rs 1446.6 crore, a growth of 8 percent year-on-year for Q4 FY20. The company’s growth in constant currency was 3.4 percent. For the year-ended March 31, the company’s net profit grew 7 percent to Rs 818.8 crore. The revenue reported for FY20 was Rs 5,619.1 crore, a growth of 11 percent YoY.

First Published on May 18, 2020 04:49 pm
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