Connect with us

The week that was in 10 stocks: IT stocks steal the show, Avenue Supermarts declines


The week that was in 10 stocks: IT stocks steal the show, Avenue Supermarts declines

Mumbai: The sentiment in the market was upbeat last week, as June quarter earnings surprised investors, and hopes of a vaccine kept global markets firm. Even as the frontline indices logged gains for the fifth straight week, the market breadth was weak with only 202 of BSE 500 stocks registering gains in the week. IT…

Mumbai: The sentiment on the market became once upbeat closing week, as June quarter earnings bowled over traders, and hopes of a vaccine saved world markets firm.

Even because the frontline indices logged positive factors for the fifth straight week, the market breadth became once extinct with handiest 202 of BSE 500 shares registering positive factors in the week.

IT shares personal been the highlight of closing week’s performance as most of them beat boulevard peep at their June quarter earnings, and the commentary became once laced with optimism.

As we enter a brand new week, a host of corporations are slated to squawk their fiscal first quarter earnings, charting the direction for the market in days to advance.

Here are key shares that saw motion all the procedure thru the closing week:

Infosys, Wipro, HCL Technologies: IT corporations stole the display closing week, as they posted forecast-beating earnings for the June quarter, substantial deal wins and optimistic outlook. IT bellwether Infosys jumped 15.51 per cent closing week, helped and logged a brand new excessive of Rs 952 on Thursday. The rally became once backed by a 11.5 per cent YoY profit expansion for the quarter at Rs 4,233 crore, which became once procedure above analysts’ projection of Rs 3,820 crore. Peep

Wipro too, became once undoubtedly one of the most stop gainers among frontline shares closing week. The stock jumped 17.67 per cent closing week, at the same time as it reported a flat 0.11 per cent YoY development in profit at Rs 2,390.40 crore, because that beat analysts’ estimate of Rs 2,101 crore by a wide margin.

HCL Technologies adopted suit, and rose 7.02 per cent in the week, because the stock rose sooner than its Q1 earnings which personal been offered on Friday. The firm posted a 31.70 per cent year-on-year (YoY) upward thrust in net profit at Rs 2,925 crore for the quarter ended June.

Reliance Industries: Whereas the index heavyweight logged appropriate 1.79 per cent positive factors in the week, it witnessed wild swings as it corrected from a file excessive considered on July 15 sooner than its annual general meeting. Chairman Mukesh Ambani did procure a host of considerable-bang bulletins and traders personal been upset that the deal with world energy important Saudi Aramco had no longer progressed as per the timeline.

Bharat Petroleum Company: The affirm-travel oil marketing firm BPCL saw its stock rising up by 17.92 per cent for the week, buoyed by studies of sturdy interest from world energy avid gamers for a stake clutch in the firm. ET Now on Thursday reported world energy majors like Saudi Arabia’s Aramco, Russia’s Rosneft, Exxon Mobil and Adnoc (Abu Dhabi National Oil Co) are lining as a lot as purchase 51per cent stake in the firm and are in the strategy of preparing bids.

Zee Leisure Enterprises: Zee Leisure Enterprises dropped 7.47 per cent sooner than the firm’s quarterly earnings announcement next week. The media giant is predicted to document a 55.5 per cent plunge in June quarter net profit, while its revenues could perchance need dipped by 37.6 per cent, because the lockdown stalled capturing of TV lisp material, forcing it to rely on repeat telecasts, which create no longer pronounce top rate advert charges, in step with ICICI Securities.

Bajaj Client Care: Private merchandise maker Bajaj Client Care jumped 21.30 per cent in the week, even because the firm posted a decline in net profit for the quarter ended June, however collected beat analysts’ estimates. The firm reported 4.35 per cent decline in its consolidated profit at Rs 54.23 crore for the quarter ended June 30, on the anecdote of disruptions brought about by COVID-19 pandemic.

Avenue Supermarts: Shares of Avenue Supermarts, the firm that owns retail chain D-Mart, plunged 14.33 per cent closing week, after it reported a 87.61 per cent year-on-year (YoY) plunge in consolidated net profit at Rs 40 crore for the June quarter. The firm talked about its consolidated complete revenues fell 33.22 per cent YoY to Rs 3,883 crore in the June quarter tormented by a strict lockdown.

Arvind Fashions: Arvind Fashions saw its shares eroding 22.57 per cent price in the week, as traders personal been upset with the firm’s June quarter outcomes, at the same time as its rights affirm of affairs sailed thru. The retailer, that has a portfolio of branded apparel brands akin to Calvin Klein and Tommy Hilfiger, posted a 39 per cent earnings drop all the procedure thru the fourth quarter while EBITDA loss became once Rs 92 crore. Individually, the firm’s Rs 400-crore rights affirm of affairs became once totally subscribed.

Cyient: IT firm Cyient surged 17.92 per cent in the week even because the firm’s consolidated net profit dropped by 10 per cent to Rs 81.4 crore for the June quarter, however collected managed to beat analysts’ expectations. Motilal Oswal Monetary Products and services sharply upgraded Cyient’s FY21/FY22 EPS estimates to the tune of 25 per cent, supported by the next-than-expected earnings and margin outlook.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top