Movers Shakers: 10 stocks that moved the most last week

Market broke the two-week winning streak as the benchmark indies remained under selling pressure throughout the week ended December 17 amid uncertain global cues post the central bank’s policy outcome, rising concern over Omicron, continues FIIs selling and consistent profit booking at higher levels.

Shriram Transport Finance Corporation | The stock plunged 15 percent after board of directors of Shriram Group on December 13 approved merger of its lending subsidiaries Shriram Capital (SCL) and Shriram City Union Finance (SCUF) with Shriram Transport Finance (STFC). The merged entity would be known as Shriram Finance. Shriram Transport will issue 1.55 shares for every share of SCUF and 0.09783305 share for every share of SCL. This translates into SCL shareholders getting one share of STFC for every share held by SCL in STFC and, while SCL shareholders will get 1.55 STFC shares for every share of SCUF held by SCL.

Minda Industries | The share price added 10 percent after company board approved to enter into joint venture agreement with FRIWO AG, Germany and its affiliates and accordingly to make a joint venture company with FRIWO for EV products and authorised to make investments up to Rs 71 crore from time to time in one or more tranches over next three years for 50.1 percent stake in a proposed joint venture company in India, subject to requisite approval of appropriate authority if any. Also, Minda Industries approved the expansion of its two-wheeler alloy wheel capacity by 2 million wheels per annum at its existing Supa Plant in Maharashtra.

Precision Wires India | The share price gained 34 percent and 52-week high Rs 409.95 on 17 December, 2021 as company fixed December 23 as the record date for a stock split. The company board had approved the sub-division of the company’s equity shares of face value of Rs 5 each into 5 equity shares of face value of Re 1 each. The board has also approved sub-division of un-issued equity shares of Rs 10 each into 10 equity shares of face value of Re 1 each, subject to the approval of shareholders and other necessary approvals.

ITC | The share price fell more than 7 percent in the last week after the company discussed taxation on cigarette business, demerger plans, and the strategy for the FMCG business in its first-ever investor meet on December 14. In the investor meet, ITC’s top management stressed that the health ministry makes regular recommendations annually, as it tried to allay concerns about higher taxation on its mainstay cigarettes business. The company’s demerger plans and its strategy for the FMCG business were other highlights of the occasion. The company also said it will invest Rs 10,000 crore in the next three years to create growth vectors. Of this, 35-40 percent would go towards FMCG capacity expansion, while 25-30 percent will be in ITC Paperboards.

Reliance Industries | The share price declined over 4 percent despite the Competition Commission of India (CCI) gave the green light to Reliance New Energy Solar, a company subsidiary, to acquire 40 percent of the total voting equity share capital in Sterling and Wilson Renewable Energy. The acquisition can go up to 51.07 percent of the equity share capital of the company in the eventuality of full acceptance of the open offer. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

Alembic Pharmaceuticals | The share price fell nearly 8 percent following reports that the US Food and Drug Administration (USFDA) issued a Form 483 to the company’s Karkahadi plant in Gujarat. The US regulator issued 10 observations after its inspection during October 28-November 10. The regulator largely observed that the plant had not established control procedures and processes with respect to cleaning and maintenance were inadequate.

Persistent Systems | The share price added 7 percent after German software provider ATOSS chose the company to transform its customer relationship management with the help of salesforce integrations. ATOSS has selected Persistent to transform its customer relationship management with the help of Salesforce integrations.

Can Fin Homes | The company share price fell nearly 9 percent despite India Ratings and Research (Ind-Ra) has upgraded Can Fin Homes Limited’s (CFHL) Long-Term Issuer Rating to TND AA+’ from TND AA’. The rating agency had kept the outlook as stable. The upgrade reflects the resilient performance exhibited by CFHL despite the pandemic-led disruptions in the operating environment.

Bharti Airtel | The company share price fell 6 percent as the company paid Rs 15,519 crore to the Department of Telecom (Government of India) towards prepayment of the entire deferred liabilities pertaining to spectrum acquired in the auction of the year 2014. The company had acquired 128.4 MHz spectraum (including Telenor spectrum) for a consideration of Rs 19,051 crore in the 2014 auction.

Indiabulls Housing Finance | The share price fell 10 percent after foreign research house Morgan Stanley has kept an underweight rating on the stock with target at Rs 175 per share. The promoter sells stake & announces de-promoterisation of the company by March 2022. Also, a company’s ability to increase outstanding borrowings is key to sustainable rev & profit growth. The share price remained under pressure on the back news of stake sale by the company’s founder Sameer Gehlaut on Thursday. He sold 11.9 percent holding through a block deal and informed the Board of Directors of the company through an email, stating that he would step down from the board by the end of this financial year. Gehlaut and his promoter company now hold 9.8 percent in the mortgage lender.