The week that was: DB Realty, RCom among the top buzzing stocks
NEW DELHI: Stock markets the world over saw a Santa rally in the week gone by and India was no exception.
A win for the ruling BJP in elections for Gujarat and Himachal Pradesh assemblies came in as a big relief for investors. Global cues supported the underlying strength of the domestic market, which had looked vulnerable on Monday morning when the BSE benchmark Sensex had tumbled 800-odd points intraday on prospects of the Opposition Congress leading the vote tally in Gujarat.
All's well that ends well.
For the week, the Sensex climbed 1.43 per cent to 33,940.30, while NSE's Nifty50 rose 1.55 per cent to 10,493. The BSE Smallcap and the Midcap indices surged 4.52 per cent and 3.53 per cent, respectively, for the week.
Foreign portfolio investors (FPIs) were net sellers of stocks worth Rs 2,611 crore for the week. But the outflows were offset by a strong Rs 4,161.65 crore worth of money infused by domestic institutions.
Here's a list of stocks that hogged limelight during the eventful week.
DB Realty: Shares of DB Realty shot up 50 last week after a special court acquitted managing directors Vinod Goenka and Shahid Balwa in the 2G scam case. The CBI had alleged that DMK MP M K Kanimozhi, majority shareholder of Kalaignar TV and daughter of DMK chief M Karunanidhi, conspired with Raja to route Rs 200 crore from DB Realty and Swan Telecom cofounder Shahid Balwa to the TV company in return for grant of spectrum to Swan Telecom.
Reliance Communications: This stock surged 37.52 per cent last week amid a media report suggesting Mukesh Ambani-led Reliance Jio may bid for the company's India assets for Rs 18,000 crore. The report further stated that Bharti Airtel too has placed an offer of Rs 7,600 crore for the debt-ridden company's global assets.
IVRCL: Shares of IVRCL climbed 28.57 per cent for the week as the Hyderabad-headquartered ailing infrastructure firm agreed to sell two of its road assets in favour of Singapore-based Cube Highways and Infrastructure for around Rs 725 crore.
Alok Industries: Shares of this company were up 24 per cent last week after ET quoted two senior officials from the banking circle saying that a group of the company's employees were making a bid for the assets of the textile company, which is on the block after being referred to the bankruptcy court, said.
Reliance Naval Engineering: The stock rose 22 per cent during the week after the insolvency case against the company by IFCI got adjourned till January 11. The hearing was adjourned after the Reliance Naval counsel requested for time to consider an appeal before the National Company Law Appellate Tribunal (NCLAT) in the interim, a media report said.
Religare Enterprises: The scrip rallied 20 per cent for the week after Edelweiss Wealth Management decided to acquire Religare's securities business, which includes securities and commodities broking, and depository participant services.
eClerx, Aarti Inds: The two stocks were up last week on sharebuyback plan. eClerx surged 16 per cent after its board approved a share buyback proposal. Aarti Industries gained 18.7 per cent tracking a similar corporate action.
Reliance Infra: The stock rose 17.5 per cent for the week after the Anil Ambani-led firm signed an agreement to sell its Mumbai power business to Adani Transmission for a total consideration of Rs 18,800 crore.
Bank of India: This stock fell 3 per cent for the week after the Reserve Bank of India imposed certain restrictions on the bank due to a sharp rise in non-performing loans and erosion in capital. The RBI has triggered prompt corrective action (PCA) wherein the regulator monitors their performance.
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