The broader markets saw more correction than benchmarks, with the BSE Midcap and Smallcap indices falling 2.91 percent and 2.68 percent, respectively.
The BSE Sensex declined 759.29 points or 1.53 percent to close at 48,832.03 on April 16. The Nifty50 dropped 217 points or 1.46 percent to 14,617.85. The broader markets saw more correction than benchmarks, with the BSE Midcap and Smallcap indices falling 2.91 percent and 2.68 percent, respectively. All sectoral indices, barring pharma, witnessed selling pressure during the truncated week ended April 16.
Glenmark Pharma | The share price gained over 13 percent in the week gone by. Glenmark Life Sciences, the API (active pharmaceutical ingredients) vertical of leading drug maker Glenmark Pharmaceuticals has filed a DRHP (draft red herring prospectus) with market regulator, the Securities and Exchange Board of India (SEBI) for its IPO. The firm intends to raise up to Rs 1,160 crores via a fresh offer plus an additional offer for sale component which could hike the final size based on valuations. (Image: Shutterstock)
Balrampur Chini | The stock was up 9 percent last week. The sugar firm’s board approved a higher investment of Rs 425 crore for a new distillery plant of 320 kilolitres per day (KLPD), which is expected to commence by December 2022. The board meeting held on April 17 approved the “revised capex (capital expenditure) of Rs 425 crore for the 320 KLPD distillery plant”, the company said in a regulatory filing.
Finolex Industries | The scrip added over 6 percent in the week gone by. The shares turned ex-date for stock split in the ratio of 1:5. The company had fixed April 16 as the record date for the sub-division (split) of one equity share of the face value of Rs 10 into five equity shares of the face value of Rs 2 each.
JSW Energy | The stock added over 12 percent ending April 16. The power producer’s board of directors said its subsidiary JSW Hydro Energy Limited has issued green bonds to raise long-term funds of up to $ 750 million. The hydro power subsidiary is raising funds through senior-secured fixed-rate non-convertible bonds in the international market, the Sajjan Jindal-led company said in a filing submitted to stock exchanges.
Wipro | The stock price gained 6 percent after the IT major reported a 0.1 percent sequential growth in consolidated profit at Rs 2,972.3 crore for the quarter ended March 2020. The company’s IT services business clocked revenue at Rs 16,334 crore for the quarter. The revenue growth in constant currency came in at 3 percent for the March quarter and the topline growth in dollar terms was reported at 3.9 percent. The company said the March 2021 quarter was its best in the last 10 years. Nomura has upgraded the stock to neutral and raised target to Rs 425 from Rs 410.
Quess Corp | The share shed 12 percent last week. The company said it will acquire the remaining 30 percent equity stake in Conneqt Business Solutions Ltd. from Tata Sons for Rs 208 crore. “The administration and investment committee has approved the acquisition of 30 percent equity shares in Conneqt Business Solutions Ltd. in lieu of Rs 208 crore from Tata Sons Pvt Ltd,” Quess Corp said in a regulatory filing. Quess had acquired 51 percent of Conneqt in November 2017, and further increased its stake from 51 percent to 70 percent in May 2019, via infusion of primary capital, which was used to fund the acquisition of Allsec Technologies Ltd.
NBCC | The share price was down over 10 percent after lenders of Jaypee Infratech have asked state-owned NBCC to take the government’s approval for the revised bid that it has submitted to acquire the bankruptcy-bound real estate firm. NBCC, which offered 1,526 acre of land to lenders, has also been asked to give the break-up and locations where these land parcels are situated in Noida and Greater Noida, Uttar Pradesh.
Phoenix Mills | The stock was down over 8 percent last week after the government of Maharashtra, vide its order dated April 4, 2021, issued guidelines under its action plan “Break the Chain” and directions, which require all shops, markets and malls, except essential services, to remain closed till April 30, 2021. The company (including its subsidiary companies) has temporarily closed its malls in Mumbai and Pune until April 30, 2021 except for the permitted outlets providing essential services, online deliveries and F&B outlets providing delivery/takeaway services, company said in a regulatory filing.
PVR | The share shed over 7 percent after credit rating agency Crisil downgraded the company’s long-term bank facilities and non convertible debentures (NCDs) to AA- from AA as the country’s biggest multiplex chain operator’s performance is likely to be impacted amid the surge in COVID-19 cases. The stock price has been under pressure after the Delhi government announced sweeping restrictions in a bid to break the chain of COVID-19 infections in the city.
Rossari Biotech | The scrip was down 7 percent in the week gone by. The company board approved to issue equity shares aggregating to Rs 300 crore on a preferential basis. The company said its board of directors approved the issuance of up to 3.01 million equity shares on a preferential basis and determined a floor price of Rs 996 per equity share or such a higher price, aggregating to Rs 300 crore.
Sandip Das
