Comments
Indian stocks climbed to a 19-month high last week on rising expectations of reform to bolster investment and contain India’s fiscal deficit. Strong FII inflows, Moody’s stable outlook on India, and an upgrade from Goldman Sachs of Indian equities helped. The market shrugged off the lower-than-expected GDP growth of 5.3 per cent for the September quarter. .
The BSE Sensex and Nifty were up 4.5 per cent each during the week to close at 19,339 and 5,626 respectively. All the sectoral indices gained during the week. The BSE Consumer Durables was the best performer and gained 7.4 per centfor the week.
Among individual stocks, software maker Geodesic was up 34.5 per cent for the week. The company’s board approved to buy back 25 per cent of the equity shares at a maximum price of Rs 75 per share. This is subject to the approval of shareholders.
Another big gainer was the stock of Suzlon Energy . The stock gained 28.6 per cent for the week after lenders agreed to restructure about 80 per cent of its Rs 14,000 crore debt.
Lanco Infratech stock gained 14 per cent for the week. The company entered into a memorandum of understanding with the China Development Bank to raise $2 billion debt.
The stock of telecom major Bharti Airtel was up 10.3 per cent for the week after the company said that its subsidiary Bharti Infratel will launch its initial public offering next week. Bharti Airtel owns about 86 per cent of Bharti Infratel. At the upper end of the offer price band of Rs 210-240, Bharti Infratel will raise about Rs 4,534 crore .
The stock of pharma major Cipla gained 8 per cent for the week after reports that its subsidiary Cipla Medpro SA, which is listed on the Johannesburg stock exchange, has been awarded an antiretroviral tender worth around 1.4 billion rand from the government.
The stock of Jaiprakash Associates was up 7.9 per cent for the week on reports that Ultratech Cement is in exclusive talks to acquire the Gujarat cement unit of the company. According to reports, the deal value may be pegged at around $800 million.
The stock of media major Zee Entertainment lost 4.4 per cent during the week. This followed the arrest of two senior editors of the company, and notice sent to the top management to join the probe into the Rs 100 crore extortion case lodged against Zee by the Jindal Group .
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.