Domestic Benchmark indices displayed a strong showing on Monday, as they added around 0.8%. The thirty-share index (BSE Sensex) jumped 500 points and ended at 58410 points, while the thirty-share index (NSE Nifty 50) climbed 126 points to end at 17,311 points
On Friday, the markets ended marginally higher amid volatility. The BSE Sensex quoted at 17,576 points, while the Nifty 50 settled at 59,307 points.
Market Movers
Stocks that gained the most this week were Suzlon Energy Ltd (up 27.21%), Elgi Equipments Ltd (up 22.61%), Canara Bank (up 20.16%), Deepak Fertilisers & Petrochemicals Corporation Ltd (up 15.63%), and Indian Bank (up 15.2%).
On the other hand, stocks that tanked this week were Delhivery Ltd (down 31.14%), PB Fintech Ltd (down 16.12%), Samvardhana Motherson International Ltd. (down 12.96%), Tata Elxsi Ltd (down 12.65%) and Shree Renuka Sugars Ltd. (down 10.11%)
The Recap
In this week’s recap, we shall take a look at why Tata Elxsi’s shares tanked, GAIL India’s deal, why MakeMyTrip was penalized and more.
Tata Elxsi’s shares tanked by 12.65% this week
The shares of Tata Elxsi nose-dived after the company reported a slowdown in growth for the July-September quarter. It said that supply-side challenges impacted the growth as it could not address new deals due to supply challenges, especially at the mid and senior levels.
Many brokerages sharply downgraded the stock due to a macro-led slowdown and tight supply chain that impacted the company’s growth for the quarter.
Gail India won a bid to acquire debt-ridden JBF Petrochemicals
State-owned GAIL (India) Ltd on Tuesday said that it has won the bid to acquire the stressed asset of debt-ridden JBF Petrochemicals Ltd through its resolution process under the Insolvency and Bankruptcy Code (IBC).
JBF Petrochemicals is currently undergoing the corporate insolvency resolution process (CIRP). GAIL has to submit performance security, subsequent to which the resolution professional will submit GAIL’s resolution plan for approval of the NCLT, Ahmedabad Bench.
The Competition Commission of India has penalized MakeMyTrip
The Competition Commission of India (CCI) on Wednesday slapped penalties summing up to more than ₹392 crores on MakeMyTrip, Goibibo and OYO for unfair business practices.
It was alleged that MMT-Go imposed a price parity in their agreements with hotel partners according to which hotel partners are not allowed to sell their rooms on any other platform or on its own online portal at a price below the price at which it is being offered on the two entities’ platforms. The regulator has asked them to modify agreements and to do away with certain exclusivity conditions.
Free Trade Agreement Between India and UK to be finalized soon
Commerce secretary, Sunil Barthwal said on Thursday that the negotiations for the proposed free trade agreement between India and the UK are moving in the right direction and an agreement is likely soon.
The negotiators from both countries have agreed on various aspects, but they are yet to reach a consensus on key issues. With a shift in global supply chains, there is a huge scope for India to move up the global value chain and export high-value goods and services.
The Adani Group might raise $ 10 billion debt in lower-cost debt and green bonds
Gautam Adani-led Adani group is looking to raise $ 10 billion in new debt over the next year as the conglomerate seeks to refinance its high-cost borrowings as well as fund projects in the pipeline.
It plans to raise $ 6 billion to swap its existing high-interest debt with borrowings that have a lower cost. In addition, it plans to deploy the rest to finance projects. The group is in the spotlight because of its mounting debts as it is pursuing a string of acquisitions.
Quarterly Results
Metro Brands Ltd
The company reported a 46.73% increase in its consolidated net sales from ₹ 324.61 crores in September 2021 to ₹ 476.31 crores in September 2022. Its net profit increased by 44.39% from ₹ 52.81 crores to ₹ 76.25 crores.
ITC Ltd
The company’s net sales increased from ₹ 14,844.38 crores in September 2021 to ₹ 18608.00 crores in September 2022. Its net profit surged 24.4% from ₹ 3,713.76 crores in September 2021 to ₹ 4,619.77 crores in September 2022.
Bajaj Finserv
The company recorded a 28.93% jump in its consolidated net sales from ₹ 7731.36 crores in September 2021 to ₹ 9968.40 crores in September 2022. Further, its profit increased by 87.76% from ₹ 1,480.99 crores in September 2021 to ₹ 2,780.65 crores in September 2022.
Written by Simran Bafna
