Thursday, April 25, 2024

The week that was: Select Adani Group stocks, multiplex operators in focus

Sunday, May 15, 2022, 8:06
This news item was posted in Business category and has 0 Comments so far.

NEW DELHI: The last week was in a way a repeat of the previous couple of weeks as benchmark indices slid further lower. Heavy foreign outflow, rising inflation and interest rate hikes by central banks are hurting the market.Sectors like metals and power have been under pressure. Bank stocks have also tumbled. So have stocks in the broader market. Amid all this, there are some names that have also shown resilience as well.“DIIs have lost their confidence after bearing continuous losses. Given the current volatility in the market, investors prefer defensive sectors like IT and pharma supported by a weakening INR,” said Vinod Nair, Head of Research at Geojit Financial Services.“Going ahead, the major determinant for market direction would be the pace of decline in inflation in response to the Fed measures.”Below are some names that were under spotlight during the week:Gujarat Gas, IGL: Shares of both city gas distribution companies were in demand last week. Gujarat Gas jumped over 10 per cent after a big improvement in sequential quarterly results. Similarly, IGL said it will announce its numbers next week. Now, investors expect it to repeat what Gujarat Gas has achieved.Navin Fluorine: Shares of the company rose over 4 per cent as its March quarter numbers and management commentary seemed to have impressed investors and analysts. This was despite the company said its profits were flat year on year. Though, the revenue of the company grew.Eicher Motors: Shares of the company were another beneficiary of an anticipation of a good show in the March quarter. The company eventually said its net profits rose 16 per cent and revenue 9 per cent year on year. The stock rose over 3 per cent.Inox Leisure, PVR: Multiplex operators continued to rally thanks to release of some of the biggest movies of the year during the week. In fact, PVR also improved upon its March quarter numbers. Both the stocks rose around 3 per cent.Dishman Carbogen Amcis: Shares of the pharma company tumbled 25 per cent during the week as the company reported a negative bottom line in the quarter ended March 2021. In comparison, in December 2021 quarter the company clocked a net profit of Rs 35.38 crore.Adani Green, Adani Transmission: Shares of the two Adani Group companies operating in the power sector were among the biggest losers of the week. Adani Green Energy tanked over 24 per cent while Adani Transmission lost over 21 per cent amid a power crunch in the country due to record breaking heat.Zomato: Shares of the food delivery services provider continued their decline to another week amid a global rout in tech stocks. The counter fell another 6 per cent to end at Rs 56.75 at the end of the week.ONGC: Shares of the oil explorer were under selling pressure as well. This was even as benchmark crude oil prices continued to hover around $110 per barrel. Market participants believe this was largely due to profit booking by investors amid volatility in the market.

You can leave a response, or trackback from your own site.

Leave a Reply