For the week, the BSE Sensex fell 849.74 points or 1.70 percent, to end at 49,008.5, while the Nifty declined 236.7 points, or 1.6 percent, to close at 14,507.3, dragged down by media, auto, and energy stocks.
In the week gone by, the BSE Sensex fell 849.74 points, or 1.70 percent, to end at 49,008.5 and the Nifty50 declined 236.7 points, or 1.6 percent, to close at 14,507.3, dragged by media, auto, and energy stocks. However, pharma stocks provided some support as the index added nearly 2 percent. The broader indices outperformed the benchmark indices, with the BSE midcap index down 0.3 percent and the smallcap ending 1 percent lower.
Adani Gas | The stock gained 22 percent during the week. Adani Welspun Exploration (AWEL), a joint venture between the Adani Group and Welspun Enterprise, announced its first-ever gas discovery at its block at the Tapti-Daman Sector of Mumbai Offshore basin. AWEL got the block MB-OSN-2005/2 spread across 714.6 sq. km during the seventh round of New Exploration Licensing Policy (NELP VII).
Hathway Cable | The share price was down over 12 percent after Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings decided to sell 33,79,83,855 equity shares, or 19.09 percent stake, in Hathway Cable through an offer of sale on March 26 and March 30. The floor price has been fixed at Rs 25.25 a share. The promoters’ stake is 94.09 percent in Hathway Cable & Datacom. The shares would be sold at a floor price of Rs 25.25 per share, a discount of 11.7 percent to March 25 closing price of Rs 28.6. Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
KEC International | The stock ended lower by over 9 percent for the week. The company secured new orders worth Rs 1,429 crore across its various businesses. The EPC major bagged orders worth Rs 1,429 crore. Its transmission and distribution division has secured orders worth Rs 701 crore, while railways, civil and cables divisions secured orders of Rs 366 crore, Rs 318 crore and Rs 44 crore, respectively, the company said in a filing to exchanges.
Jubilant Ingrevia | The scrip ended in the red last week, shedding over 6 percent. Ace investor Rakesh Jhunjhunwala said persons acting in his concert have purchased 3,04,009 equity shares in Jubilant Ingrevia on March 19, resulting in an increase in total shareholding in the company to 99,33,809 equity shares (6.23 percent of total paid-up equity). On February 15, Rakesh Jhunjhunwala received 96,29,800 equity shares of Jubilant Ingrevia (6.04 percent stake) in allotment consequent to the composite scheme of arrangement of Jubilant Pharmova (formerly Jubilant Life Sciences).
Hero MotoCorp | The stock was down 5 percent in the week gone by. The two-wheeler maker said it will make increase the ex-showroom prices of its motorcycles and scooters, with effect from April 1, 2021, to partially offset the impact of higher commodity costs. “The price hike has been necessitated to partially offset the impact of increased commodity costs,” Hero MotoCorp said in a filing to BSE. The price increase across the range of two-wheelers will be up to Rs 2,500 and the quantum of the increase will vary on the basis of the model and the specific market, it added.
Adani Enterprises | The share price added 11 percent in the week gone by. The company announced its entry into the copper business by incorporating a wholly-owned subsidiary, Kutch Copper (KCL). KCL is incorporated with the object to undertake copper business-related activities such as manufacture of copper cathodes and copper rods. Currently, the holding company of Adani Enterprises is an integrated infrastructure company with businesses spanning coal trading, coal mining, oil and gas exploration, ports, multi-modal logistics, power generation, and transmission and gas distribution.
Zensar Tech | The share price shed 5 percent. Rating agency ICRA has re-affirmed long-term rating of Zensar Technologies’ at [ICRA] AA+ and short-term rating at [ICRA] A1+. Further, it has revised the outlook on the long-term rating, from negative to stable. According to Moneycontrol SWOT analysis, MFs decreased their shareholding last quarter, with revenue declining every quarter for the last four quarters.
Escorts | The stock price ended lower by 5 percent. Escorts Agri Machinery (EAM), a division of Escorts Limited, said it shall be increasing the prices of its tractors effective April 1, 2021, as per the BSE release. There has been a steady rise in commodity prices necessitating a price hike to offset the impact of inflation, it added. The increase in prices would vary across models and variants. According to Moneycontrol SWOT analysis, MFs decreased their shareholding last quarter. MC Technicals trend is very bearish with moving average and technical indicators being bearish.
Tata Communications | The stock was down over 4 percent after the government sold its entire 26.12 percent stake in Tata Communications, helping the Centre move closer to its divestment target for 2020-21. Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey, on March 22, tweeted that the government had completed the disinvestment. “Disinvestment of Govt holding completed of 16.12% in TCL through OFS at Rs 5,457 cr and 10% to strategic partner at OFS discovered price for Rs 3,389 cr. With this, Government exits from TCL with total proceeds of Rs about Rs 8,846 cr,” Pandey said in a tweet.
Vodafone Idea | The share price ended lower by over 6 percent during the week. The company’s board has approved funding raising of up to Rs 25,000 crore through a mix of debt. The company is in active discussion with potential investors and expects the fundraise soon. According to Moneycontrol SWOT analysis, the stock is showing weak momentum: price below short, medium and long-term averages. MC Technicals trend is very bearish, with moving average and technical indicators being bearish.
Sandip Das
