The BSE Sensex rallied 1,021.33 points, or 2.08 percent, to 50,029.83, and the Nifty50 climbed 360.05 points, or 2.48 percent, to 14,867.35, while the broader markets outpaced frontline indices. The BSE Midcap index was up 2.73 percent and the Smallcap index gained 3.91 percent.
The market clocked more than 2 percent gains in a truncated week driven by positive global cues and $ 2.3-tillion infrastructure package announced by the US President Joe Biden. Strong auto sales numbers and healthy buying across sectors supported the market, but the rising coronavirus infections limited the upside. The market is expected to get support from global cues given the US stimulus package, but the bond yields and rising number of COVID-19 cases worries may add to volatility, experts feel.
Adani Total Gas | The stock jumped 15 percent last week. Adani Welspun Exploration (AWEL), a joint venture between the Adani Group and Welspun Enterprise, has announced its first-ever gas discovery in 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). Adani Gas reported net sales at Rs 496.11 crore in December 2020 up 1.42 percent from Rs. 489.17 crore in December 2019. Quarterly Net profit was at Rs. 145.87 crore in December 2020 up 26.25 percent from Rs. 115.54 crore in December 2019. Currently, it is trading 2.68 percent below its 52-week high and 1279.73 percent above its 52-week low. Market capitalisation stands at Rs 116,387.40 crore.
NMDC | The share price gained 9 percent in the week gone by after the company said that its iron ore production for FY21 stood at 34.11 MT as against 31.49 MT in FY20, a growth of 8 percent. The iron ore sales during the FY21 increased by 6 percent to 33.27 MT as against 31.51 MT in FY20. The project at Chhattisgarh produced 26.56 MT in FY21 as compared to last year’s production of 24.49 MT and registered a growth of 8 percent in production. Currently, it is trading 1.07 percent below its 52-week high and 98 percent above its 52-week low. Market capitalisation stands at Rs 40,559.58 crore.
GAIL India | The scrip added 7 percent last week. The company along with UP State Industrial Development Authority (UPSIDA) has signed a Memorandum of Understanding (MoU) on the development of “plastic city” Dibiyapur in Auraiya district. The MoU envisages GAIL making available raw materiel to allottees of the area on concessional rates, supply of gas and proving guidance on downstream projects to allottees. Domestic brokerage firm Motilal Oswal has buy call on GAIL with a target price of Rs 170. Goldman Sachs has maintained a “buy” call on the stock with a target at Rs 180 per share. Research house CLSA also maintained “buy” with a target at Rs 170 per share, according to a CNBC-TV18 report. Currently, it is trading 11.27 percent below its 52-week high and 107.32 percent above its 52-week low. Market capitalisation stands at Rs 63,209.64 crore.
Edelweiss Financial | The stock price was down over 14 percent last week after the Ministry of Corporate Affairs (MCA) ordered an inspection of the books of Edelweiss Asset Reconstruction Co (EARC). The MCA has ordered an inspection of the books of EARC after a whistleblower wrote to the Prime Minister’s Office (PMO) and the Reserve Bank of India (RBI) alleging fraud at the firm. The whistleblower—Paras Kuhad, a former additional solicitor general of India—has alleged that Edelweiss Group, the controlling shareholder of the asset reconstruction company along with its partner Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), diverted at least Rs 1,800 crore from EARC. Kuhad and his family own about 14 percent in EARC, which manages Rs 45,000 crore in assets. Edelweiss ARC strongly denied the all wrongdoing and said it was following all laws in letter and spirit. CDPQ did not respond to mails seeking comment. Currently, it is trading 27.32 percent below its 52-week high and 98.66 percent above its 52-week low. Market capitalisation stands at Rs 6,236.99 crore.
Interglobe Aviation | The stock shed over 6 percent in the week gone by. The airline major said it has refunded about Rs 1,030 crore to customers, complying with a Supreme Court order last year asking airlines to refund payments made for travel during the nationwide lockdown. Airline companies including IndiGo has been under pressure amid rise in fuel prices with Covid still playing a spoil sport in the aviation industry as positive cases make a comeback. Currently, it is trading 11.22 percent below its 52-week high and 90.23 percent above its 52-week low. Market capitalisation stands at Rs 62,251.67 crore.
Zensar Tech | The share ended 5 percent lower ending April 1. Amansa Holdings sold 16,78,568 equity shares (or 0.74 percent equity) of Zensar Technologies at Rs 292 per share on Wednesday, 24 March 2021, according to NSE bulk deal data. The Board of Zensar Technologies at its meeting held on March 18, 2021 has approved merger of US-based 100 percent step down subsidiaries into Zensar Technologies Inc., USA, a material subsidiary of the company including Keystone Logic Inc., Professional Access, Cynosure Inc. and Indigo Slate. Currently, it is trading 20.8 percent below its 52-week high and 254.58 percent above its 52-week low. Market capitalisation stands at Rs 6,200.05 crore.
Sonata Software | The stock gained over 9 percent last week after the company announced its plans to tap the Customer Experience (CX) market to fuel growth with the launch of ‘Cxe’. Brokerage firm Prabhudas Lilladher expects healthy revenue momentum given huge opportunity in digital platforms & cloud. The stock is trading 2.52 percent below its 52-week high and 226.34 percent above its 52-week low. Market capitalisation stands at Rs 5,525.07 crore.
Alkem Labs | The share price added over 7 percent last week. The drug maker has introduced brand Brivasure, the brand of Brivaracetam, Alkem’s anti-epileptic drug (AED), a generic version of the parent molecule. The company said it has agreed to subscribe to a partnership interest in healthcare services firm ABCD Technologies LLP. The company is investing Rs 40 crore in the target entity which is a recently incorporated limited liability partnership (LLP) and has not commenced any business activities, Alkem Labs said in a filing to BSE. Currently, it is trading 11.88 percent below its 52-week high and 28.75 percent above its 52-week low. Market capitalisation stands at Rs 33,188.85 crore.
SRF | The stock price gained over 8 percent after the company’s board approved for a project for setting-up of a range of dedicated plants to produce specialty chemicals at an estimated cost of Rs 238 crore. The share touched its 52-week high Rs 6,075 and 52-week low Rs 2,565.80 on 15 January, 2021 and 03 April, 2020, respectively. Currently, it is trading 5.46 percent below its 52-week high and 123.84 percent above its 52-week low. Market capitalisation stands at Rs 34,026.00 crore.
Punjab Sind Bank | The scrip was up 7 percent last week. The public sector lender said it has declared the account of IL&FS Transportation Network Ltd (ITNL) with total dues of Rs 149.98 crore as fraud. The said account has been reported to the RBI. The share touched its 52-week high Rs 23.79 and 52-week low Rs 10.21 on 19 February, 2021 and 03 April, 2020, respectively. Currently, it is trading 22.45 percent below its 52-week high and 80.71 percent above its 52-week low. Market capitalisation stands at Rs 7,477.17 crore.
Sandip Das
