NEW DELHI: Strong buying momentum led by the announcement of less-than-expected government borrowings for FY17, easing global trade war concerns and squaring off of trading positions on expiry of March F&O series pushed the market higher in the truncated week.
The gains helped Sensex end four-week losing streak by adding 372.14 points, or 1.14 per cent to settle at 32,969. The NSE barometer advanced 115.65 points, or 1.16 per cent, for the week to close at 10,113.70. Though truncated the week witnessed stock-specific actions on many counters. Some of them are mentioned below:
Bandhan Bank: Kolkata-based private lender Bandhan Bank had a dream run on first week of listing. market debut, as the scrip climbed 24.88 per cent to the issue price of Rs 375. The stock had got listed at 33 per cent premium on Tuesday.
Kwality: Shares of this dairy company plunged 26 per cent this past week. While the company told exchanges that there was no strategically significant development within the organisation and business, recent additional pledging by promoters and high debt on the company's balance sheet is believed to have weighed on the stock.
Fortis Healthcare: This stock declined 14 per cent last week as minority shareholders were uphappy with the decision to sell hospital business to Manipal Hospitals. They believe that the deal undervalued the hospital business' worth significantly. As per deal, the hospital division will be hived off and merged with Manipal Hospitals apart from which it will sell a majority stake in its SRL Diagnostics unit to the same group.
Persistent Systems: The midcap IT firm dropped 12 per cent for the week after the company said its revenues from its internet protocol (IP)-based services may drop by $8 million. Analysts were expecting a $3-4 million fall in IP-based revenues on account of seasonal weakness. "We were earlier modeling $3 million decline which is the seasonal decline in IP business. The additional hit will take a toll on our estimates for the company," Motilal Oswal Securities said in a note.
Delta Corp: This stock plunged 12.5 per cent last week after Goa government approved the revised fee structure for onshore and offshore casinos, which will be applicable from 1st April 2018. The move is intended to increase the states revenue collection from casinos.
PNB Housing: Shares of PNB Housing jumped 13.5 per cent in the midst of rumours that parent Punjab National Bank (PNB) may divest stake in the company, which makes it an M&A target. The company has denied that it is in discussion with anyone for PNBs stake purchase.
CESC: The stock climbed 10 per cent last week. The company on Thursday told stock exchanges that has received the approval from the Kolkata bench of NCLT to proceed with its demerger scheme, which the company has claimed will result in unlocking more value from the demerged entities.
Can Fin Homes: The companydeclined 4 per cent for the week after ET reported that Baring Private Equity Asia has trumped HDFC to acquire the listed home mortgage arm of Canara Bank.
"Can Fin Homes has issued a clarification in this regard but it does not preclude the aforementioned deal. Purchase of stake by BPE, if true and implemented going forward, lead to efficiency gains with continued high underwriting standards, meaningful entry in large-ticket businesses, a pan-Indian growth pattern and possible loss of association with Canara Bank brand," Nirmal Bang Securities said in a note.
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