Domestic markets ended the week on weak
note with Nifty finished below 11,750 level amid uncertainty around the
US-China trade negotiations and rising oil prices.
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| Stock Market Tips |
The Nifty50 started off selling at the word go and fell further
in the latter part on June 21 after escalating tensions between US-Iran and RBI
Government comments.
The index closed way below
11,800 levels and formed Bearish Belt Hold pattern on the daily charts and
bearish candle on the weekly scale. For the week, the index lost 0.8 percent,
continuing downtrend for the third consecutive week.
The index has recently taken
multiple support near 50 DEMA at 11,650 zones but the absence of buying interest
is also visible at 11,850 zones, experts said, adding that bearish candle on
daily, as well as weekly, scale indicates that bears are restricting its upside
momentum.
The Nifty50 opened lower at
11,827.60, which was also an intraday high, and extended selling pressure in
the second half to hit a day's low of 11,705.10. The index closed lower by
107.70 points at 11,724.10.
Domestic markets ended the week on a weak note with Nifty finished
below 11,750 level amid uncertainty around the US-China trade negotiations and
rising oil prices.
At close, the Sensex was down
407.14 points at 39,194.49. About 1157 shares have advanced, 1292 shares
declined, and 167 shares are unchanged.
Here is a look at the top gainers and
losers for the week:
Hexaware Technologies, up 21 percent
The share price of the software
firm Hexaware Tech gained over 20 percent for the week. Japanese brokerage
Nomura upgraded to the company to “neutral” from “reduce” after the acquisition
of Mobiquity. On June 14, Hexaware acquired US firm Mobiquity Inc for around
USD 182 million to directly compete with large digital agencies and consulting
firms.
"We acquired Mobiquity
Inc for a total consideration of around $182 million to directly compete with
large digital agencies and consulting firms," the Indian IT firm said in
its BSE filing.
Suzlon Energy, up 10 percent
Suzlon Energy added over 10
percent for the week. The stock jumped the most in five months on June 20.
Lenders are likely to consider the beleaguered wind-turbine maker's plan to
sell its operations and maintenance business to pare debt. The firm plans to
offer a so-called one-time settlement to the lenders led by SBI using the
proceeds of the sale, sources said.
Godrej Properties, up 4.65 percent
Real estate major Godrej
Properties registered gains of over 4 percent for the week. However, the scrip
fell 3 percent intraday on June 21 after global investment firm Morgan Stanley
downgraded the stock on valuation concerns. "We downgrade Godrej
Properties to underweight from equal-weight, but raised price target to Rs 802
from Rs 707 earlier," the brokerage said, adding current valuation appears
ahead of fundamentals.
It further said the downgrade
reflected its relative preference within its coverage universe. The stock
trades at a 10 percent premium to one-year forward NAV estimate and risk-reward
is skewed negatively, it added.
Jain Irrigation Systems, down 32 percent
The share price of Jain
Irrigation Systems plunged as much as 32 percent for the week after India
Ratings cut its long-term issuer rating. India Ratings and Research said it has
downgraded Jain Irrigation Systems' Long-Term Issuer Rating to BBB from A-
while placing it on Rating Watch Negative (RWN).
The downgrade reflects
deterioration in the liquidity profile of Jain Irrigation on account of a delay
in the realization of its receivables from its micro-irrigation systems (MIS) the segment, the rating agency said.
Reliance Communications, down 13 percent
Claims against Reliance
Communications (RCom) has risen to Rs 57,382.5 crore with new entities,
including some Reliance Anil Dhirubhai Ambani Group companies, joining the
creditors' list, according to a regulatory filing. Interim Resolution
Professional (IRP) Pradeep Kumar Sethi, however, admitted dues of Rs 30 crore
out of fresh claims of Rs 8,189 crore, taking admitted claims so far to Rs
49,223.88 crore, RCom said in the filing.
The stock price continued to
slide even further after Reliance Communications reported a consolidated net
loss of Rs 7,767 crore in the fourth quarter of 2018 -19. For the entire financial year 2018-19, the company reported a net loss of Rs 7,206 crore as
against Rs 23,839 crore in 2017-18.
Jet Airways, down 11 percent
Jet Airways has been on a
roller-coaster ride throughout the week with the stock skyrocketing as much as
150 percent on June 20. The Mumbai bench of National Company Law Tribunal
(NCLT) an admitted petition filed by the State Bank of India (SBI) for resolution
of Jet Airways under the Insolvency code and suggested a timeline of 90 days,
citing it as a matter of national importance.
NCLT directed the IRP to
submit fortnightly progress reports on the case, with the first such report to
be submitted before July 5. The troubled airline that was grounded two months
ago as it ran out of cash, owes over Rs 8,000 crore to a consortium of 26 banks
led by SBI.
UPL, down 11.36 percent
The share price of
agrochemical company UPL registered a loss of 11 percent for the week. However,
the stock rebounded 5 percent on June 21 after Deutsche Bank maintained a buy
call on the stock. The brokerage house also set the target price at Rs 1,050,
implying a 21 percent potential upside from current levels.
UPL shares corrected 13
percent in the previous two sessions – on June 19 and June 20 – on concerns
like Mauritius Tax Law and Asian Swine Fever. Deutsche believes these concerns
are overdone.
Dewan Housing Finance, down 9 percent
The NBFC crisis has led to
DHFL registering yet another week of loses with the scrip ending the week 9
percent in the red. The scrip rose 10 percent on June 21 after reports made
rounds that the company has sold Rs 2,000 crore worth of its loan portfolio to
offshore investors led by SC Lowy, a privately-held banking group headquartered
in Hong Kong.
The share price fell 16
percent to hit five-and-half-year low on June 6 as rating agencies downgraded
rating on commercial paper after the company defaulted on debt repayment.
Indiabulls Housing Finance, down 8.93
percent
The share price of Indiabulls
Housing Finance ended the week down over 8 percent. The stock fell 8 percent on
June 12 after the company moved the Supreme Court seeking an urgent listing of a plea filed against it in which it has been alleged that the company
misappropriated Rs 98,000 crore of public money.
Indiabulls Housing Finance on
Friday said the Competition Commission of India (CCI) has approved the proposed merger of the company with Lakshmi Vilas Bank. "The Competition Commission
of India... at its meeting held on June 20, 2019, considered the proposed
combination and approved the same," Indiabulls Housing Finance said in a
BSE filing.
IRB Infra, down 12.85 percent
IRB Infra ended the week with
loses of over 12 percent. During the week, the share price fell 14 percent on
June 19 to hit more than the five-year low after a media report indicated that
there could be a new operator for Mumbai-Pune Expressway.
IRB Infrastructure told CNBC-TV18 that it will
rebid for the Mumbai-Pune project in August as it contributed 13 percent to FY19 revenues.
source:- https://www.moneycontrol.com/news/business/markets/top-gainers-losers-for-the-week-hexaware-jain-irrigation-jet-airways-top-the-charts-4126111.html
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