Movers Shakers: 10 stocks that moved the most last week

In the week ended September 3, the BSE Sensex climbed 2,005.23 points, or 3.57 percent, to close at 58,129.95, while the Nifty50 jumped 618.40 points, or 3.70 percent, to 17,323.60, while the broader market outweighed frontliners with the Nifty Midcap 100 index rising nearly 5 percent and Smallcap 100 index gaining 4 percent during the week. Here are 10 stocks that moved the most in the week gone by:

Reliance Industries | The scrip was up over 7 percent after the company’s subsidiary Reliance Retail Ventures (RRVL) acquired controlling stake in JustDial. “On September 1, 2021, JustDial, pursuant to the preferential issue, allotted 2.12 crore equity shares of Rs 10 each at a price of Rs 1022.25 per equity share (including a premium of Rs 1012.25 per equity share) representing 25.35 percent of the post-preferential issue paid-up share capital of JustDial to RRVL,” Reliance Retail said in its press release. [Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.]

Vodafone Idea | The stock jumped over 20 percent last week after the Chairman of Aditya Birla Group (ABG) Kumar Mangalam Birla reportedly met with Telecom Minister Ashwini Vaishnaw. According to CNBC-TV18, Birla spoke with Vaishnaw on the health of the telecom sector and discussed the urgent need for government intervention. Last month, Birla stepped down as a chairman of the cash-strapped telco.

L&T Technology | The share price was up over 9 percent after the company management guided for $ 1.5-billion revenue and 18 percent earnings before interest tax margins by FY25 on strong demand outlook. The management is confident of maintaining segmental margin, despite the near-term headwind from a tight supply environment.

Bharti Airtel | The share price added over 10 percent in the week gone by. Airtel’s Rs 21,000 crore fund-raising plans will give the firm the fuel to shift to a higher gear and tap large opportunities by accelerating investments in the rollout of 5G services, fibre, and data centre business, its Chairman Sunil Mittal said. The capital raise will give the company the “fuel to grow” and “go extra mile” to leverage opportunities that are “around the corner”, he said. Bharti Airtel’s rights issue is credit positive for the company, Moody’s Investors Service has said as it noted that the fresh capital would keep the leverage relatively stable amid 5G investments, ongoing cash payments for spectrum and settlement outgo related to AGR.

DLF | The scrip added 10 percent after CRISIL has assigned its ratings to the proposed Non-convertible Debentures (NCDs) of DLF Cyber City Developers Limited (DCCDL), a material subsidiary of DLF. The proposed NCDs worth Rs1,000cr and CRISIL assigns ‘AA/ Stable’ rating.

Bharat Forge | The stock gained over 8 percent last week. Bharat Forge said that the media report on talks with Tesla is incorrect. The auto components major posted a consolidated net profit of Rs 153 crore for the first quarter ended June 30. The company had reported a consolidated net loss of Rs 127 crore in the April-June quarter of the 2020-21 fiscal. Revenue from operations rose to Rs 2,108 crore in the June quarter as against Rs 1,154 crore in the year-ago period, Bharat Forge said in a regulatory filing.

Marico | The stock price added over 6 percent as the homegrown FMCG firm expects a 13-15 percent revenue growth in the medium term. The company will continue to invest in brand building to support the growth initiatives, said Managing Director and Chief Executive Officer Saugata Gupta. Besides, it would increase its reach in rural areas by expanding the stockist network by another 25 percent in the next two years; while in urban areas, Marico will focus on augmenting its reach in chemist and cosmetic outlets, according to the company’s latest annual report. Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities feels that for the trend following traders Rs 550 and 540 would be the key levels to watch, the overall chart structure suggests if the stock sustained above the same then breakout continuation texture is likely to continue up to Rs 600.

Dr Reddy’s Labs | The scrip rose over 6 percent after the drug firm inked a pact with US-based Citius Pharmaceuticals to sell its rights to an anti-cancer agent. The drug firm said it has entered into a definitive agreement with Citius to sell all of its rights to E7777 and certain related assets. The company launched the generic equivalent of Revlimid (lenalidomide) capsules in the Canadian market.

Mahindra & Mahindra | The share price slipped in the week gone by as the automaker said that it expects a 20-25 percent drop in September vehicle production due to semiconductor shortages, following supply chain disruptions due to the pandemic. The auto firm said its revenue and profit will be impacted in line with the fall in production volumes, while its tractor, truck, bus and 3-wheeler production was unaffected. The company will have about seven “no production days” at its automotive division plants this month, it said in a filing.

Bank of India | The stock shed over 12 percent last week. The bank is considering a follow-on public issue next year to reduce the government’s holding to 75 percent. The additional capital would also support growth in lending beyond March 2023. The state-owned bank said LIC has picked up nearly 4 percent equity shares of the bank through an open market transaction. LIC has picked up nearly 3.9 percent (15,90,07,791 shares) of the bank through open market acquisition on September 2, 2021, Bank of India said in a regulatory filing.