Indian stock markets closed the week with small gains as the initial rally got capped by downgrade in India’s credit rating to negative by Moody’s due to economic slowdown. In the week ended 8 November, the Sensex gained nearly 158 points, or 0.4%, to settle at 40,323.61, while the Nifty 50 rose 18.20 points, or 0.15%, to 11,908.20. Here is a look at the top five gainers and losers for the week:
TOP 5 GAINERS
Bharti Infratel: Bharti Infratel Ltd shares bounced back 7.8% this week on value-buying after the stock saw some deep correction in the previous weeks on announcement of extension in merger deadline with Indus Towers by 60 days.
ICICI Bank: ICICI Bank Ltd shares jumped 5.9% during the week on reports that the bank has shut its project financing division in a bid to reduce its exposure to long-term assets and focus on retail and unsecured lending.
JSW Steel: JSW Steel Ltd shares were up 5.22% for the week on reports that major steel makers in the country have decided to slash their capital expenditure for the year and conserve cash.
Hindalco: Hindalco Industries Ltd shares rose 5.21% this week after the company raised the prices of its aluminium ingots, billets and wire rods for the third time in one week, in line with the gains in the prices of the metal in international markets.
Bajaj Finserv: Bajaj Finserv Ltd gained 5.18% during the week after its listed subsidiary Bajaj Finance launched its Rs 8,500 crore qualified institutional placement (QIP) earlier this week.
TOP 5 LOSERS
Titan: Titan Co. Ltd shares slumped 11.15% this week after Titan after the company reported a disappointing set of numbers for September quarter and also lowered its revenue growth guidance for the second half of the fiscal year to 11-13% from 20%.
HPCL: Hindustan Petroleum Corp. Ltd (HPCL) shares lost 8.4% during the week as the company reported a net profit of Rs 1,052.3 crore on a standalone basis for the September quarter, down 3.6% year-on-year.
Zee Entertainment: Zee Entertainment Enterprises Ltd shares were down 7.1% for the week on reports that Subhash Chandra may lose control of the company as a clutch of asset managers, non-bank lenders and foreign portfolio investors are planning to put their pledged shares in an escrow account in preparation for a sale.
IOC: Indian Oil Corp. Ltd (IOC) shares declined 6% this week on reports that the company may bid for the government’s stake in Bharat Petroleum Corp. Ltd if such a need arises.
Gail: Gail (India) Ltd shares dropped 6% during the week after the company posted a consolidated net profit of Rs 1,167.58 crore in the September quarter, down 34.7% year-on-year.
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Source: News18