It was a negative end for the market for this week. The Nifty has given up 10,550 mark. Among sectors, financials, consumption, energy, metals and pharma saw the most losses, while selling was visible in the midcaps space.
The index is expected to be volatile in the coming week ahead of expiry of November futures & options contracts due next Thursday, experts said, adding the 10,500 could be crucial levels for bulls.
On the weekly chart, the benchmark index ended 1.46 percent lower. It kicked off the week on a stronger note, however, reacting down from the weekly high around 10,770 followed by retracement for three consecutive sessions led to a bearish Marubozu candle.
The S&P BSE Sensex fell 1.3 percent in the week gone by and ended below 35,000. The Nifty50 closed at 10,526.75 after falling nearly 1.5 percent.
Below are the 10 stocks which moved the most in the week gone by:
Bharti Airtel, up 10.18%
Bharti Airtel said that the company is raising more than $2 billion in loans from banks, as India’s second-biggest wireless carrier faces increased competition at home and the threat of a ratings downgrade to junk.
The company has agreed to two- and three-year bilateral loans with 10 to 12 lenders, according to people with knowledge of the matter, who are not authorized to speak publicly and asked not to be identified. Moody’s Investors Service on November 8 put Bharti’s Baa3 rating, its lowest investment-grade evaluation, on review for downgrade citing low levels of profitability and higher debt levels to fund capital spending.
Pidilite Industries, up 8.93%
The operational performance of Pidilite Industries in the September 2018 quarter (Q2) was almost in line with expectations with profit margin contracting amid inflationary pressure and consolidated net profit falling 9 percent year on year to Rs 2.31 billion. Yet, the stock is up 10 percent after the results.
In an interview with CNBC-TV18, Apurva Parekh, executive director, said Pidilite Industries had hiked prices in the first quarter and in second quarter also. For our main product categories, the price hike was in the range of of 3-5 percent. Talking about business, Parekh said, "Demand situation has been reasonable in the first two quarters and we hope that trend continues in the coming quarters.”
Parekh said Pidilite Industries is not worried about crude oil, currency or competition.
Dabur India, up 8.46%
Dabur India reported a 4.10 percent increase in consolidated net profit at Rs 377.55 crore for the second quarter ended September, 2018 helped by growth of the core business in the domestic market. The company had posted a net profit of Rs 362.67 crore in the July-September quarter a-year-ago, Dabur India said in a BSE filing.
Total income during the quarter under review, was up by 7.97 per cent to Rs 2,206.18 crore, as against Rs 2,043.25 crore.
Dabur India is expecting a lower double-digit growth in financial year 2019, Lalit Malik, chief financial officer (CFO) told CNBC-TV18, after the company posted a slightly weak set of numbers in September quarter. “On an annualised basis, we would still be able to achieve lower double-digit(growth) considering the fact that H1 overall has been positive for us on the back of Q1," said Malik.
Dr Reddy's Laboratories, up 7%
Dr Reddy’s Laboratories Ltd.’s profit rose for the second straight quarter, beating estimates.
Net profit of the drugmaker increased 76.84 percent year-on-year to Rs 504 crore in the July-September period, according to its exchange filing. That
compares with the Rs 345 crore consensus estimate of analysts tracked by Bloomberg. Net sales rose 7.2 percent on a yearly basis to Rs 3,797 crore.
“Going forward, our priority will be to resolve pending regulatory issues, and continue to work on execution and cost structures that will enable affordable medicines for more patients,” Co-Chairman GV Prasad said.
UPL, up 5.67%
UPL announced that its subsidiary, UPL Corporation, Mauritius has signed definitive agreement to acquire directly or indirectly through its subsidiaries 100 percent of the shares of Industrias Bioquim Centroamericana Sociedad Anonima (IBC), a company based out of Costa Rica and certain other group companies situated in Caribbean and Central American Region (collectively Bioquim Group).
The transaction, which is expected to be completed in the first half of calendar year 2019, will require anti-trust approvals in Costa Rica. Shares of UPL closed 2.67 percent up on the Bombay Stock Exchange at Rs 780 during Wednesday’s session.
BPCL, up 5.59%
Shares in India’s top three oil marketing companies including BPCL surged as investors cheered the slump in global crude oil prices that bode well for the profitability of Indian refiners. International benchmark Brent crude oil futures struggle to claw back after plunging 7% on Tuesday, over concerns of a potential supply glut in 2019.
Top Losers
Indiabulls Housing Finance, down 16.18%
Indiabulls Housing Finance has informed it has raised Rs 23,615 crore from 32 for institutions over the last two months. "Of the total of Rs 23,615 crore raised, Rs 17,410 crore is in the nature of long term debt. The above mentioned fund raising is in line with the company's objectives of maintaining high liquidity and sustainable growth," Indiabulls Housing Finance informed the stock exchanges.
Since then, in the last two months, Indiabulls Housing Finance has raised Rs 23,615 crore from 32 financial institutions in various debt instruments,
securitisation and sanctions, the exchange filing said.
YES Bank, down 13.26%
Shares of YES Bank climbed after media reports suggested that the board meeting will be held on December 13 to discuss, among other things, the
appointment of chairman, chief executive and independent director.
Yes Bank has got into the damage control exercise. The Board meeting will now take place on December 13 to discuss among other things the appointment of chairman, chief executive and independent director.
After the resignation of three Board members—Ashok Chawla, Vasant Gujarathi and Rentala Chandrashekhar—Yes Bank on Tuesday said the Board would now “consist of 7 members with the addition of one Board member Uttam Prakash Agarwal concurrently.”
NMDC, down 11.03%
NMDC Limited has suspended iron ore-mining from its Donimalai mine in Karnataka following the decision of the State government to impose 80 percent premium on the iron ore sales from the mine, according to a regulatory filing by the public sector undertaking.
Global brokerage house Macquarie has downgraded the stock to neutral amid Donimalai lease issue. The research house also reduced its FY20-21 EPS estimates by 9-5 percent as it feels Donimalai lease issues may be a drawn-out legal battle.
"We build a 6-month disruption into the base case, but risks are on downside. Steel plant is facing some delays, & we push commissioning by 6 months to FY21," Macquarie said.
Ashok Leyland, down 8.15%
The Ashok Leyland stock closed lower after the Hinduja Group flagship firm's chief executive officer and managing director Vinod K Dasari stepped down citing personal reasons. The firm also reported its Q2 earnings which came below estimates.
Ashok Leyland CFO Gopal Mahadevan said while input cost increases continue, the company is attempting to neutralise this through efficient cost management.
Brokerages saw the resignation of the CEO negatively and said the firm's net profit missed estimates due to higher raw material costs.
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