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The Indian market has fallen for a third week in a row. Bellweather indices Nifty and Sensex were lower by 0.8 per cent and 0.91 per cent respectively in the last five trading sessions. While there was some relief on account of the rescue of Credit Suisse, the Federal Reserve increased the interest rate by 25 basis points.
Realty, metals underperform
Except BSE Power (+0.63 per cent), FMCG (+0.21 per cent) and Healthcare (+0.11 per cent), all the other sectoral indices fell during the week. BSE Realty (-4.78 per cent), BSE Metals (-4.14 per cent) and BSE IT (-2.81 per cent) were among the sectoral indices which fell sharply during the week.
Three stocks that bucked the trend and outperformed last week were Aarti Drugs, Anupam Rasayan and ITI.
Aarti Drugs
The stock of Aarti Drugs zoomed 21.92 per cent to 386.6 in the last five trading sessions. While there doesn’t seem to be any fundamental news for the stock, it saw a sharp recovery from its 52-week low of 310.8 made on March 20, 2022. The company, part of the Aarti Group of Industries, is a manufacturer of active pharmaceutical ingredients and speciality chemicals. It currently trades at a trailing 12-month (TTM) P/E of 21.59 times and P/B of 3.45 times.
Anupam Rasayan
The stock of Anupam Rasayan India Ltd surged about 14.13 per cent last week to 855. The company is involved in the custom synthesis and manufacture of specialty chemicals. New orders and capacity expansion plans might have led the rally in the stock. The company has recently signed Letter of Intent worth ₹984 crore for the next six years with a leading Japanese chemical company for supply of new age advanced intermediates for its life science active ingredient. Further, the company has inked a pact with the Gujarat government for setting up three plants in Surat and Bharuch, which will be focused on manufacturing fluorochemicals. An investment to the tune of ₹670 crore is planned.
The stock of Anupam Rasayn currently trades at an expensive P/E (TTM) of around 46.5 times and P/B of 4.96 times.
ITI Ltd
The ITI stock gained about 8.81 per cent last week, which was mainly supported by a nearly 11 per cent gain in the Friday session. There doesn’t seem to be a fundamental reason for the same. Earlier known as Indian Telephone Industries Ltd, ITI Ltd is a PSU company engaged in the business of manufacturing telecommunication products. Since TTM EPS is negative, there is no PE for the stock. It trades at a P/B of 3.78 times.
Other top performers
Other stocks that bettered the market last week included Gland Pharma (7.98 per cent), Birla Corp Ltd (7.96 per cent), and MAS Financial Services Ltd (7.90 per cent), among others.
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