actions in the news: The week that was: Network 18 Media tanks, zoom glass readers up to 36%
The benchmarks – BSE Sensex and Nifty 50 – lost 3% each, while the mid-cap BSE index fell around 5% and the small-cap index fell 3%. All sectors except IT were hit by the downturn and eroded investor wealth.
“In the absence of major national events, the market will look for clues in global indices and macroeconomic data, such as the growth rate of US GDP, to decide its movement,” said Yesha Shah, head of the equity research, Samco Securities.
With the buzz of the primary markets, the stock markets will experience a rush of quotes next week. Secondary markets are expected to remain under pressure in the absence of any positive developments, she added.
In the BSE500 index, more than 420 stocks closed in the negative zone, while only 80 stocks were able to register gains. About 30 stocks were down 10 percent or more.
Here are the key actions that have been in the spotlight during the week:
Network 18 Media & Investments: The broadcast actor’s shares fell more than 19% last week as investors recorded profits in the script after the counter climbed 50%. The companies headed by Mukesh Ambani are considering bidding for the broadcast rights to ICC. After the second quarter results, it was said that sports would be the next frontier of expansion.
Real estate players: Real estate stocks have been under pressure over the past week as central banks have become hawkish on rate hikes, which is unfavorable for companies in these sectors. Macrotech Developers lost 16% to Rs 1,182.2, while DB Realty fell 15% and Indiabulls Real Estate fell 12%.
Fluorides from Gujarat: The specialty chemicals player fell 16% to Rs 2,098.05 during the week following the ban on insider trading and a fire that broke out at the site of The company’s Ranjitnagar, a stand-alone factory that manufactures specialty fluorochemicals.
Construction parks: Construction and engineering players also posted profits last week after rising 60% the month before.
and bled 15 percent each at Rs 14.75 and 825.7, respectively.
Shriram Transport Finance Company: The NBFC eroded 15% of its value to Rs 1,273.6 last week after the Shriram Group announced that Shriram Capital and Shriram City Union Finance would merge with it as part of the group’s corporate restructuring. The merged entity, Shriram Finance, would be the largest retail finance NBFC in the country.
Infoserv Suvidhaa: Shapoorji Pallonji-backed online electronic payment solutions player rose 41% to Rs 14.41 during the week. The script had grown 55% in just three sessions before attending the profit reservation on Friday.
Glass players: The actions of glassmaking players were in high demand as Street focused on the renewable energy game. Borosil jumped 36% to Rs 450.4, while Saint-Gobain Sekurit India jumped 21% to Rs 88.7. Borosil Renewables gained 17% to Rs 692.95.
Tata Teleservices (Maharashtra): The small-cap telecommunications player added 27% to Rs 189.7 and is turning into a complete digital transformation partner for Indian small and medium-sized businesses.