NEW DELHI: The week gone by was one investors would not be able to forget easily. A 12 per cent drop in both Sensex and Nifty and up to 14 per cent plunge in the midcap and smallcap indices say it all.
Concerns over coronavirus contagion and lack of market optimism despite trillions of stimulus being announced globally dragged BSE Sensex by 4,187 points, or 12.28 per cent, to 29,916, while Nifty declined 1,210 points, or 12.15 per cent, for the week to 8,745. Stocks went haywire.
Here is a look at the stocks that created maximum buzz during the week.
Vodafone Idea: This stock took a beating after the Supreme Court said the self-assessment of AGR dues allowed by the DoT is sheer violation of court orders. The telecom operator had recently computed its AGR dues at Rs 21,533 crore, way below the over Rs 58,000 crore pegged by the department. The stock fell 38.54 per cent for the week to Rs 3.46.
IndusInd Bank: This stock led the rout on the banking counter last week. The bank stock fell 45.27 per cent on concerns that the cost of borrowing will rise following YES Bank’s fiasco. The scrip was also weak, as FPIs, which own a substantial 55 per cent stake in the bank, went into a major selling spree.
India Cements: Shares of India Cements advanced 12.5 per cent to Rs 98.15 after ace investor Radhakishan Damani’s family last week further raised their stake in the company from 11.98 per cent to 16 per cent through open market transactions till March 16, 2020. In February, the Damanis increased their stake in the firm by 7.27 per cent to 11.98 per cent.
Indiabulls Housing Finance: A 2.5 per cent rise in the stock on Friday was insufficient to erase a 33 per cent drop on Thursday and a 15 per cent drop on Wednesday amid concerns over its exposure to YES Bank. The company insists it has no outstanding loans from Yes Bank. The stock fell 44.26 per cent for the week to Rs 91.10.
Future Lifestyle Fashions: The scrip plunged 47.28 per cent to Rs 187.05 last week. This included a 20 per cent slide on Thursday and a 10 per cent drop on Friday. While the stock exchanges have sought clarification from the company regarding a significant price move, Icra downgraded its group company, Future Corporation Resources, to junk rating, citing high levels of debt and pledged shares.
Snowman Logistics: The stock surged 37 per cent last week after the logistics company told stock exchanges that it has partnered with a global e-commerce giant for the delivery of FMCG perishables including vegetables, fruits, eggs, frozen food and groceries.
Ashok Leyland: The scrip declined 34 per cent for the week to Rs 43.90. During the week the commercial vehicle maker said it would acquire up to 19 per cent additional stake in its subsidiary Hinduja Leyland Finance (HLFL) from existing shareholders for up to Rs 1,200 crore.
ITC: The scrip advanced 8.2 per cent to Rs 175.55 as the company in its new dividend distribution policy suggested an average dividend of 80-85 per cent of profit compared with an average of 68 per cent for last three years. A host of ‘buy’ calls from brokerage also lifted sentiment at the counter.
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