INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The first trading week post-Budget proved adverse for equities as foreign portfolio investors (FPIs) turned cautious following
the proposal to hike the surcharge in higher income tax slabs
The US Fed chair’s testimony to the US Congress revived rate cut hopes, but that didn’t help lift the gloom
The weak saw the start of the earnings seasons with IT majors TCS and Infosys releasing their numbers
On the macro front, May factory output data showed a slump while June inflation picked up but remained within RBI’s comfort limit.
BSE
Sensex fell 1.97 per cent for the week to settle at 38,736 while Nifty declined 2.18 per cent to 11,553
BSE sectoral indices representing Consumer durables and the BSE Capital Goods plunged 8.5 per cent and 5.2 per cent, respectively
Here’s a look at stocks that made news through the week:
Religare Enterprises: This stock bucked the weak market trend and surged 43 per
cent during the week after the firm agreed to sell its entire stake in non-banking finance company Religare Finvest along with its housing
finance unit to Kolkata-based Chatterjee Group
Financial terms were not disclosed, but the deal is a major relief to the debt-laden company.
Parsvnath Developers: This scrip after
surprised Dalal Street with a 49 per cent rally this week after the Supreme Court dismissed an appeal by Rail Land Development Authority
(RLDA) challenging a Delhi HC order, asking it to pay Rs 1,034 crore to the realty firm in relation to a project in the national
capital.
GTPL Hathway: This stock rallied 37 per cent for the week after the company said its June quarter consolidated net profit rose 121
per cent on year-on-year (YoY) basis
The company's June quarter consolidated net profit came at Rs 29.4 crore while consolidated revenue in June quarter jumped 50 per cent YoY
Ebitda rose 38 per cent YoY to Rs 115.6 crore for the said quarter.
Cox - Kings: The cash-strapped travel firm is in trouble as Care Ratings
downgraded ratings of the company's long-term facilities and a commercial paper issue totalling Rs 3,445 crore to the status of being in or
expected to be in default
The scrip fell 22 per cent this week, taking its losing streak to 13th session on Friday.
Manpasand Beverages: This scrip plunged 22 per
cent for the week after statutory auditor Mehra Goel and Co amid an ongoing investigation by goods and services tax authorities into company
This the second auditor to resign from Manpasand Beverages after Deloitte Haskins and Sells quit in May, 2018.
Mindtree: This stock fell 15
per cent this week after the IT firm's founders Krishnakumar Natarajan,Parthasarathy NS and Rostow Ravanan resigned from the board and
The founders had vehemently opposed the L-T bid
Cognizant Technology Solutions’ former senior executive Debashis Chatterjee is now among the front-runners to become chief executive of
Mindtree.
DHFL: This scrip fell 14.6 per cent last week even as debenture holders of the NBFC agreed to sign an inter-creditor agreement
(ICA) after chairman Kapil Wadhawan sought their backing for the plan on Thursday
Following a month-long review period that’s due to end on July 25, DHFL’s lenders and bondholders will have 180 days to agree on a
resolution plan under the Reserve Bank of India’s revised stressed assets framework.
Titan Company: Shares of this jewellery maker fell
13.8 per cent this week after the company said revenue in the jewellery division (Tanishq) saw a muted 13 per cent growth in the June
quarter, as sharp increase in gold prices dented consumer demand significantly
"Against this background, the company's growth, particularly in the jewellery segment, was lower than planned even though the gains in
market share were sustained," the firm said in an exchange filing.
KPR Mill: This stock fell 3 per cent for the week after the company the
first company to withdraw its Rs 263.31-crore buyback proposal after the government last week imposed an additional tax of 20 per cent in
case of repurchase of shares by Indian listed companies
"The increase in the amount of buyback obligation due to the tax proposal in the Finance Bill 2019 was neither contemplated nor prevailing
at the time of the consideration and the approvals of the board and shareholders,” it said.
TCS: The scrip fell 2.48 per cent for the week
as the IT major company recorded sequentially lower new order bookings in the June quarter following stagnation in the number of clients
above the $50-million billing category
Growth in the dollar-denominated revenue, both in reported and constant currency terms, was below expectations.
