The week ended November 18 saw the BSE Sensex and NSE Nifty shed 4.8 and 5 per cent respectively with food inflation persisting at double-digit levels and GDP growth expectations being tempered to below seven per cent by Macquarie Securities. The broader BSE 500 shed 5.6 per cent through the week as Standard and Poor's raised a red flag over waning ability to compete following lacklustre investments in infrastructure.
With few gainers to talk about for this week, a standout performer on the bourses was Patni Computers . The scrip gained 22 per cent over the last week as iGATE raised over Rs 1,000 crore in debt to buy out Patni shareholders and delist the company. This gain far exceeded the 2.3 per cent loss posted by the BSE IT index.
Despite little in terms of a tangible resolution in sight and slipping market share,
News that promoters have reduced their stake in Suzlon Energy by 2 per cent sent investors fleeing from the scrip which shed 31.5 per cent hitting a lifetime low.
The education segment had more than its fair share of losers with Educomp and Everonn 22 and 18 per cent respectively. Educomp lost on larger than expected drop in second quarter profits. Despite rumours that Everonn may have signed on new private equity partners to come onboard, a delay in an open offer proposed by the Varkey group.
Three companies which were hammered by a bad set of second quarter results were Shree Renuka Sugars, Aurobindo Pharma and Unitech which shed 32.3, 26 and 16.5 per cent respectively. While the Shree Renuka scrip did gain by the end of the week, debt concerns remain for the company.