Experts feel the market is expected to remain volatile in the coming week as well, amid Monetary Policy Committee meeting, Omicron uncertainty, and economic data.
The BSE Sensex rallied 589.31 points to 57,696.46, and the Nifty50 climbed 170.25 points to 17,196.70, while the broader markets also joined the rally, with the BSE Midcap and Smallcap indices rising around 1.35 percent and 1.25 percent respectively.
Vodafone Idea | The stock jumped over 33 percent in the week gone by. The telecom service provider decided to hike tariffs for prepaid users by 20-25 percent and have increased rates which came into effect on November 25. “The new plans will start the process of ARPU (Average Revenue Per User) improvement and help address financial stress faced by the industry,” the release said.
PNB Housing Finance | The stock gained 14 percent as Moneycontrol exclusively reported that Baring Asia has offered to buy Carlyle’s stake in PNB Housing Finance. This would give Carlyle an exit from the investment after its attempt to buy a controlling stake in the company got foiled due to corporate governance issues and valuation which did not have any control premium, sources told Moneycontrol. Sources suggested that deal talks are on between Carlyle and Baring Asia. If General Atlantic & SSG also sell their shares, Baring Asia could own a controlling stake in PNB Housing Finance. The deal may involve an open offer for the shareholders if talks materialise.
GMR Infra | The scrip added over 9 percent last week. GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Limited won a bid for the development and operation of Kualanamu International Airport in Medan, Indonesia. Angkasa Pura 2 (AP2), the state-owned enterprise and the bidding authority for the Medan Airport has informed that they have completed the best and final evaluation process for selection of strategic partnership for the aerodrome and have announced GMR Airports as the Winning Bidder, a press release from GMR said.
IRB Infra | The stock price rose 8 percent. IRB Infrastructure Developers said that its shareholders have passed a resolution which will enable capital inflow of Rs 5,347 crore into the company. IRB Infrastructure Developers convened an extra ordinary general meeting of its shareholders online on November 20, 2021, the company said in a statement. According to media reports, the proposed 594-km Ganga Expressway, the longest in the country connecting Meerut and Prayagraj, will be constructed by IRB Infrastructure among others.
Bharat Dynamics | The share added 7 percent after the firm signed a Rs 471.41-crore contract with the Indian Army for the refurbishment of IGLA-1M missiles. The contract will run for 10 years, the defence PSU said in a regulatory filing. Apart from the refurbishment, BDL deals with manufacture and supply of guided missiles and associated equipment, underwater weapon systems, airborne weapon systems, ground support equipment and product life cycle support.
IIFL Finance | The share price added over 5 percent last week. Canadian billionaire Prem Watsa-backed Fairfax Group on Wednesday divested 3.2 percent stake in IIFL Finance for Rs 365 crore through an open market transaction. According to bulk deal data available with the BSE, Hamblin Watsa Investment Counsel (HWIC) Asia Fund, an affiliate of Fairfax Financial Holdings, sold 12,165,000 shares of IIFL Finance, amounting to 3.2 percent stake.
Apollo Hspoitals | The scrip shed 4 percent in the week gone by. Online retail giant Amazon is in talks with Apollo Hospitals for a partnership in their pharmacy business, sources told Moneycontrol. Amazon & Apollo HealthCo are eyeing a partnership for enhancing the omnichannel focus of pharmacy business. This will give Amazon the firepower to fight big boys like Reliance & Tata who have entered the fray with acquisitions. Apollo Hospitals is looking to sell up to 20% stake in their pharmacy subsidiary and wants to raise around $ 500 million. Sources suggest that the valuation of the business pre-money is ascribed a little lower than $ 3 billion.
BSE | The stock was up over 23 percent last week. The stock was in focus amid buzz that larger rival National Stock Exchange of India (NSE) is inching close to an initial public offering (IPO), as per media reports. Vidnyan Sawant, AVP, Technical Research at GEPL Capital feels that investors can accumulate the stock at this point and hold for a target of Rs 2,231. As per price pattern, we feel that the stock prices gain momentum and move higher towards the Rs 2,231 (138.2 percent extension level of Rs 535 – Rs 1,410 projected from Rs 1,023) levels and eventually towards Rs 2,335 (150 percent extension level of Rs 535 – Rs 1,410 projected from Rs 1,023), he added.
Mastek | The share price gained over 14 percent after Mastek (UK) was awarded a healthcare contract, which positions it at the heart of a critical program focused on the well being of UK citizens. The contract with NHS Digital is valued at £ 45 million over a 4-year period from October 2021 to October 2025.
BEML | The stock price was up 14 percent after Brickwork Ratings reaffirmed the rating for the non-convertible debentures (NCDs) of Rs 100 crore at ‘BWR AA/Stable’ and assigns the ratings for the bank loan facilities of Rs 5500 crore of BEML Limited at ‘BWR AA/Stable/A1+’. The rating outlook may be revised to Positive in the case of sustained significant growth in revenues with an improvement in the profitability and working capital management, thereby strengthening its credit risk profile, it said.
Sandip Das
