While the Sensex ended the session 260 points lower at 30,672, the Nifty50 slipped 67 points to 9,039 on May 22. For the week, Sensex fell 1.4 percent while Nifty lost 1.1 percent. The BSE Small-cap index declined 1.5 percent while the BSE Mid-cap plunged by about 2 percent in the same period. Experts point out the broader structure of the market continues to remain weak as Nifty is making a lower top and lower bottom formation. Here are the top 10 stocks which moved the most last week:
2/11
ITC | Share price was up 13 percent after the cigarette-maker restarted production at some of its cigarette factories, The Economic Times reported. The company, which has an over 75 percent share in the country's tobacco industry, had suspended production of cigarettes at its factories following the announcement of a nationwide lockdown in March. As per the report, ITC is progressively reopening its cigarette factories. On May 16, the company in an exchange filing said it has resumed operations at its factories and plant locations manufacturing non-essential items with a limited workforce. Its units engaged in the production of essential items continue to operate as per the earlier directives, it noted.
3/11
Cipla | Share price was up 12 percent after the company received final approval from the US health regulator for Dihydroergotamine Mesylate nasal spray, indicated for the treatment of migraine headaches. An Abbreviated New Drug Application is an application for a US generic drug approval for an existing licensed medication or approved drug. This is Cipla's first ANDA approval for a nasal spray. It is indicated for the treatment of acute attacks of migraine headaches with or without aura. The company declared a profit after tax of Rs 246 crore for the quarter ended March 2020, declining 33 percent YoY from Rs 367.20 crore. The company’s revenue was at Rs 4,302 crore, a 0.6 percent decline compared to Rs 4,403.98 crore in the corresponding period last year. At the operating level, Cipla's earnings before interest, tax, depreciation and amortisation (EBITDA) plunged 34.1 percent to Rs 633.52 crore and the margin contracted 735 basis points to 14.47 percent compared to year-ago.
4/11
NIIT Tech | Share price gained almost 11 percent after the company said its Rs 337.4 crore buyback offer will commence from May 29. The company, in a regulatory filing, said Sebi had provided an extension for dispatching the letter of offer within 15 days from the closure of the lockdown as mandated by the government. According to the update provided to the stock exchanges, the buyback offer will open on May 29 and close on June 11.
Aurobindo Pharma | Share price was up almost 10 percent after its promoter PV Ramprasad Reddy, his wife P Suneela Rani, and three other entities have settled an alleged insider trading case with markets regulator Sebi after paying over Rs 22 crore towards settlement charges. The three other entities that have settled the matter with the regulator are Kambam P Reddy, Trident Chemphar Ltd and Veritaz Health Care Ltd. SEBI noted that the five entities were allegedly found to have traded in the scrip of APL prior to the information about the licensing and supply agreements becoming public.
6/11
L&T Infotech | The company registered a net profit of Rs 427.5 crore, up 12.9 percent year-on-year, for the quarter-ended March 31. Revenue in Q4 stood at Rs 3,011.9 crore, up 21.2 percent YoY. For the full-year ending March 31, the company registered a revenue of Rs 10,878.6 crore, up 15.2 percent YoY. Net profit rose marginally (0.3 percent) to Rs 1,520.5 crore. The company has declared a dividend of Rs 15.5 per share.
7/11
Adani Gas | Share price gained 7 percent after the company reported a 61 percent rise in standalone net profit to Rs 122 crore for fourth quarter ended March 31. The company had posted a net profit of Rs 76 crore in the year-ago period. The firm which retails CNG to automobiles and piped natural gas to household kitchens and industries, saw sales volumes rise 3 percent to 145 million cubic metres, the firm said in a statement.
8/11
Tata Power Company | Share price was up over 7 percent after the company reported net profit at Rs 474.70 crore in the fourth quarter ended March 2020 against Rs 171.67 crore in a year-ago period. Revenue from operations declined 8 percent YoY to Rs 6,620.80 crore versus Rs 7,229.84 crore. The company board has approved the issuance of non-cumulative, redeemable, taxable, listed, rated securities in the form of non-convertible debentures (NCDs) up to an aggregate amount not exceeding Rs 1,500 crore or its equivalent on private placement basis.
M&M Financial | Share price was down over 6 percent after 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. In order to cover the contingencies that may arise due to COVID–19 pandemic, it incorporated the management overlays in the impairment loss allowance and the total provision during the quarter stood at Rs 681.16 crore, it said in a release. 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, it said.
10/11
SBI Card | Share price was down 6 percent after it reported 66.5 percent fall in its Q4 net profit to Rs 83.5 crore from Rs 249 crore in the year-ago period, reported CNBC-TV18. The company's revenue for the quarter though was up 21 percent at Rs 2,510 crore from Rs 2,076 crore. The gross non-performing assets (GNPA) was at 2.01 percent versus 2.44 percent and the provision coverage ratio stood at 67.20 percent versus 66.48 percent, YoY.
11/11
Bajaj Finance | Share price shed 4 percent after the NBFC major announced a profit after tax of Rs 948 crore for the quarter ended March 2020, a 19.4 percent decline compared to numbers of the corresponding period last fiscal. The profit was impacted by higher provisions but supported by lower tax as the company adopted a reduced rate of 25.17 percent for computation of income tax. Loan losses and provisions (expected credit loss) for the quarter increased to Rs 1,954 crore against Rs 409 crore in Q4FY19.
