Nifty rose 6 percent while the Sensex gained 5.7 percent to post their biggest weekly gains since April 6. The Nifty snapped a three-week losing streak on May 29 to close 6 percent higher for the week and formed a strong bullish candle on the weekly scale. Bank Nifty gained in all trading sessions of the truncated week, rising 11.7 percent and formed a strong bullish candle on the weekly scale. Here are the top 10 stocks which moved the most this week:
2/11
EID Parry | The stock price jumped over 25 percent after the company is looking to sell 2 percent stake in Coromandel International via block deal, as per CNBC-TV18. According to sources, who requested anonymity, EID Parry owns 60.47 percent stake in Coromandel International and Coromandel’s current market cap is close to Rs 20,000 crore, so 2 percent stake will mean they will get close to Rs 400 crore. EID is looking to make the company completely debt free by raising this money by selling a stake in Coromandel International.
3/11
Birla Corp | Share price gained 25 percent after the company reported a healthy Q4FY20 performance. While the top line declined YoY, its profitability improved. Revenues for the quarter declined 9.8 percent YoY to Rs 1,690 crore driven by a decline in volumes. Sales volumes for the quarter were at 3.3 MT, down 13 percent YoY, thus ending the year on a flattish note at 13.6 MT. Profitability saw an improvement QoQ as well as YoY, led by higher realisations. The company clocked EBITDA margins of 20.4 percent, 17.2 percent, 16.5 percent in Q4FY20, Q3FY20 and Q4FY19, respectively. ICICI Securities upgraded the stock to buy with a revised target price of Rs 610 per share.
4/11
Future Retail | Share price gained over 21 percent for the week. The company said it was raising up to Rs 650 crore approved by its board through issuing non-convertible debentures (NCDs) to pare debt. It said in a BSE filing that the NCDs would be issued on private placement basis in one or more tranches. “The Board has also authorised the Committee of Directors to decide on matters and transactions relating to aforesaid proposed issuance and allotment of NCDs including but not limited to finalisation and approval of terms and conditions of issue, number of NCDs and timing of the issue from time to time,” the filing said.
Vodafone Idea | Stock price was up 18 percent after reports said that tech giant Google was looking to enter India's telecom market with a 5 percent stake purchase in Vodafone Idea. However, share price declined 20 percent from the day high on May 29 after company clarified on the media report stating Google eyeing stake in the company.
6/11
Eicher Motors | The stock price jumped over 17 percent after the company announced its stock split plan that would make it affordable for retail investors, according to a report by CNBC-TV18. “A meeting of the Board of Directors of the Company will be held on Friday, June 12, 2020, inter-alia, to consider and approve Sub-division/split of the equity shares of face value of Rs 10 each of the Company in such manner as may be determined by the Board of Directors,” Eicher Motors said in a regulatory filing.
7/11
IDFC First Bank | The share price gained 17 percent after the company posted a profit in the March quarter against a loss of Rs 218 crore in the year-ago quarter. The lender on May 22 reported a profit of Rs 71.54 crore for the quarter ended March 2020. It had posted a loss of Rs 218 crore in the year-ago quarter and loss of Rs 1,639 crore in the December quarter. Net interest income for the quarter surged 40.5 percent (up 1.9 percent QoQ) to Rs 1,563.5 crore, with net interest margin expanding to 4.24 percent (against 3.03 percent YoY). Core deposits (retail CASA and retail term deposits) increased 157 percent to Rs 33,924 crore in Q4FY20, it added.
8/11
Wipro | Stock price was up 12 percent after the company appointed Thierry Delaporte as CEO & Managing Director of the company. "Wipro announced the appointment of Thierry Delaporte as the Chief Executive Officer and Managing Director of the company, effective July 6, 2020," the company said in a filing to the exchanges.
Bharat Forge | The share price gained 11 percent after brokerage house CLSA upgraded its rating on the stock from "sell" to "underperform". The target price, however, was cut to Rs 300 per share as the Pune-based company reduced its FY20-22 EBITDA/EPS estimates by 20-82 percent. The company was expected to continue its deleveraging cycle and generate free cash flow during FY20-22, CLSA said. It expected the company's net debt to decline by Rs 900 crore over FY20-22. Bharat Forge has resumed operations in a graded manner at Mundhwa, Chakan and Satara plants that were shut due to COVID-19 pandemic.
10/11
Avenue Supermarts | Stock was down over 8 percent after most brokerages have come out with 'sell' or 'reduce' ratings on the stock. The company has witnessed a 45 percent decline in its April revenue, as more than half of its stores remained closed during the lockdown. Credit Suisse has a 'neutral' rating on the stock with a target price of Rs 2,150. Kotak Institutional Equities has a 'sell' call on the stock with a target price of Rs 1,480. Motilal Oswal Financial Services has maintained a 'sell' call on D-Mart with a target price of Rs 1,900. The company registered a 41.6 percent year-on-year growth in consolidated profit for the quarter ended March 2020, driven by the lower tax rate, other income and strong revenue growth.
11/11
UltraTech Cement | Share price was up over 9 percent after the company announced a consolidated net profit of Rs 3,243 crore for the quarter. A CNBC-TV18 poll had estimated the consolidated net profit to the tune of Rs 850 crore. The same in the corresponding period of last year stood at Rs 1,064 crore. As per CNBC-TV18, global brokerage CLSA said the earnings showed weak volume drives while cash conservation takes the centre stage. Q4 EBITDA was below forecast due to lower volume but profitability was in-line, CLSA said.
