Indian equity benchmarks logged strong gains on December 13 buoyed by positive global sentiment as hopes of an orderly Brexit grew stronger after a landslide election victory for British Prime Minister Boris Johnson.
The Sensex settled 428 points or 1.05 percent, higher at 41,009.71 while the Nifty closed the day with a gain of 115 points or 0.96 percent, at 12,086.70.
Mid-caps and Small-caps, too, witnessed decent gains but underperformed the benchmark Sensex. BSE Mid-cap closed 0.92 percent up and the Small-cap index settled 0.82 percent up. For the week, both Sensex and Nifty climbed 1.4 percent.
Among sectoral indices this week, the Nifty PSU Bank surged 4.5 percent, while the Nifty Metal and the Nifty Auto were up over 3 percent each. The Nifty Bank also added 2.2 percent and the Nifty Fin Services rose over 2.5 percent for the week.
Nifty Realty and Nifty Energy also gained over 1.5 percent. Meanwhile, the Nifty IT and the Nifty Media lose 0.6 percent and 1 percent this week.
Here’s a look at the top gainers and losers for the week:
Top gainers
IDBI Bank: up 11%
The share price of IDBI Bank added 11 percent for the week after a media report suggested it is in talks to sell stake in Asset Reconstruction Co of India (Arcil). However, the stock pared some gains as trading progressed.
IDBI Bank, which is backed by LIC, is in talks with US-based Avenue Capital to sell its entire 19.18 per cent stake in India’s oldest stressed asset aggregator Arcil, as it looks to monetise its non-core investments, Economic Times reported.
Canara Bank: up 9%
The share price of Canara Bank was up 9 percent for the week amid media reports which suggested that banks are likely to get payments from Essar Steel resolution this month.
Canara Bank submitted it’s LoI to dispose of 30 percent stake in CanFin homes as far back as September earlier this year. Twelve bids were initially made but over time Baring PE emerged as the likely candidate, media reports said.
Tata Motors, up 9%
The share price of Tata Motors jumped 9 percent for the week amid hopes that the Brexit could happen by January as exit polls predicted a big win for Prime Minister Boris Johnson is the UK election.
The hope of a smooth divorce from the EU will bring certainty to the auto market, especially Tata Motors as the UK accounts for 20 percent of JLR sales. In November, the UK-based luxury carmaker reported strong retail sales, showing 11.2 percent month-on-month (MoM) improvement.
Sun Pharma Advanced Research Company: up 8%
Sun Pharma Advanced Research Company gained 8 percent this week after Abraxis Bioscience dismissed patent infringement complaint filed against the company.
Sun Pharma Advanced Research Company (SPARC) announced that Abraxis Bioscience LLC. has dismissed the patent infringement complaint filed against SPARC regarding SPARC’s new drug application for PICS (Paclitaxel injection concentrate for suspension).
“We are very pleased that Abraxis Bioscience LLC has withdrawn its infringement claims, paving the way for a successful launch as and when we receive necessary regulatory approvals,” Anil Raghavan, CEO of SPARC said.
Tata Steel: up 6%
Steel major Tata Steel gained 6 percent for the week with metal stocks closing the week on a handsome note after reports suggested that US President Donald Trump signed a phase-one trade deal with China.
This halts the December 15 introduction of a new wave of US tariffs on about $160 billion of consumer goods from the Asian nation. He had also tweeted that the US and China are “very close” to signing a “big” trade deal, which pushed metal stocks higher.
Top Losers:
Yes Bank: down 16%
Yes Bank shed 16 percent for the week and was one of the top losers. The bank on December 13 said it expects the third quarter of the current financial year to remain subdued but sees improvement in revenue in the March quarter on the back of government measures.
“Going forward, we expect Q3 FY20 to remain subdued, however topline growth in Q4 (fourth quarter) FY20 could see some relative improvement as the economy is likely to gradually respond to measures rolled out by the government along with improved monetary policy transmission,” the bank said.
Allahabad Bank: down 13%
Allahabad Bank was down 13 percent for the week. The bank reported Rs 67 crore divergence in gross non-performing assets in 2019. Allahabad Bank had reported Rs 28705 crore gross non-performing assets (NPA) as on March 2019 while RBI assessed its gross NPA at Rs 28772 crore.
In a regulatory filing in stock exchanges, the bank said that divergence in NPAs as of March 2019 will not impact its gross NPAs and net NPAs for the third quarter as the accounts underlying had already been marked as NPA and provided for suitably in the first quarter.
PNB Housing Finance: down 11%
The share price of PNB Housing Finance shed 11 percent for the week after it informed the exchanges about the information of loan exposure to Omaxe group is “with reference to the information floating in the social media regarding PNB Housing’s exposure to the Omaxe group.”
Giving a synopsis of its exposure, including past and ongoing facilities, to Omaxe group, PNB Housing Finance said it sanctioned Rs 650 crore of the term loan to the group. Out of that, Rs 635 crore has been disbursed and the principal outstanding as on September 30, 2019, stood at Rs 456 crore.
Giving an account of past exposure to Omaxe during March 2008 to June 2015, the housing financier said it disbursed a total of Rs 189.50 crore during this period and the last tranche of Rs 100 crore loan was repaid in December 2018.
Bharti Airtel: down 4%
Telecom major Bharti Airtel share price was down 4 percent for the week. Bharti Airtel on December 10 said it has sought shareholders’ approval for raising $2 billion in equity and another $1 billion in debt to pay for statutory dues arising out of a recent Supreme Court ruling.
Through an Extraordinary General Meeting (EGM), it sought approval to raise $2 billion through qualified institutional placement, public issue, preferential shares or private placement.
The Department of Telecommunications would hold Bharti Airtel liable for some Videocon Telecommunications and Aircel’s pending adjusted gross revenue (AGR) dues to the government, reported Economic Times.
Apollo Hospitals: down 7%
The share price of Apollo Hospitals was down 7 percent for the week. Its Q2FY20 standalone revenues grew 17.9 percent YoY to Rs 2,463.6 crore on the back of 21.7 percent YoY growth in pharmacy business to Rs 1,172.7 crore and 14.6 percent YoY growth in hospital business to Rs 1,291.2 crore. Nomura forecasts a 13.9 percent revenue CAGR for FY19-22, though it cut earnings estimates for FY20/21 by 2/7 percent.LIVE NOW… Video series on How to Double Your Monthly Income… where Rahul Shah, Ex-Swiss Investment Banker and one of India’s leading experts on wealth building, reveals his secret strategies for the first time ever. Register here to watch it for FREE.
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