Shares in banks and cars rose, while shares in metals and oil and gas fell sharply this week, with the BSE index rising by 558.27 points or 1.02 per cent to 54,884.66 and the Nifty50 by 86.30 points or 0.53 per cent to 16,352.45. However, sales were seen in the small business index, which ended 2.76 percent lower, even as the BSE Midcap index remained unchanged this week.
Pain in a broader market was clearly visible in the pre-decline ratio of the BSE500 index as 341 of the index’s 501 stocks fell during the week. At least 24 stocks fell in double digits while only eight index stocks ended the week with double digits.
Among the BSE500 names, the worst decline was in the shares of steelmakers, thanks to an increase in export duties on iron ore to 50 per cent in all categories from 30 per cent to lumps. The government imposed 15 percent export tariffs on hot-rolled and cold-rolled steel products from zero before, and announced a 45 percent reduction in export of pellets from nowhere before, making exports inefficient.
The development sent a part of
(decreases by 23 percent), (decreases by 18 percent), JSPL (decreases by 17 percent), (decreases by 13 percent) and (decreases by 11 percent) falls.
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Shares of Divi’s Labs fell 18.39 percent to Rs 3,514.45, even as the company’s quarterly results were better than Street expectations. Analysts said that the numbers were mainly driven by the Covid treatment drug molnupiravir stock, but believed that contributions from Covid-related products will start to slow down from the June quarter.
“Divi’s continues to address price pressures in the mainstream API and we anticipate that this situation will extend for an additional 6-12 months. international ports, “said Choice Broking in a comment.
The untimely resignation of MD & CEO PN Vasudevan, last week, sent shares off
fall this week. Vasudevan’s term of office ends on July 23 and the Board of Governors will submit a revised proposal to RBI to extend his term of office by one year (against its previous proposal of a 3-year extension) to ensure a smooth transition process.
Shares fell 16.93 percent this week to 43.65 rupees.
Shares of Vaibhav Global decreased by 16.83 percent to Rs 334.60 on quarterly lower than expected figures. The company’s profit for the quarter in March fell to 27.21 million rupees from 56.02 million a year ago. Total revenue increased slightly to Rs 693.88 million from Rs 672.80 million.
Shares of Welspun Corp saw gains this week after rising 46 percent from May 12 to May 18. This stock fell 15.91 percent this week to 206 rupees. At the same time, the group’s profit at Welspun Corp fell by 30 percent to 263.56 million rupees this week. March quarter due to higher spending, the company said on Friday.
Widening loss hurt
shares. The utility company reported 205.52 million rupees in a consolidated quarter, which stood at 54.25 million rupees in the quarter ended March 2021, according to a follow-up report. This stock fell about 15.88 percent this week to 7.68 Rs.
Piramal Enterprises’ quarterly results, particularly losses reported by the company’s financial services, hurt attitudes. While
reported the group’s profit of Rs 150.53 million, its financial services company reported a loss of Rs 321 million in the fourth quarter, due to poor asset quality, additional contributions and interest reversals. This stock fell 14.2 percent during the week to 1,644.90 Rs.
,,, & Investments and Affle (India) were among the stocks that fell 11-18 percent during the week.
“This week’s fluctuations are expected to continue in line with key economic data releases, the current fiscal period and the end of the month. continue to be uneven and investors should be on the sidelines until a clear trend emerges, “said Yesha Shah, head of equities research at Samco Securities.
(Disclaimer: Advice, suggestions, opinions and opinions given by experts are their own. This does not represent the views of the Economic Times)
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