It should be noted that while there has been a pickup in economic activity from the bottom, it is yet to normalise to pre-Covid levels. Rising Covid cases in the recent past driving local lockdowns also likely played a role in the slowing trajectory of high frequency indicators.
“Tracking the pace of improvement from here on becomes critical for the equity markets. It is likely that the pace of demand normalisation moves gradually towards pre-Covid levels closer to the festive season later in the year,” said Shibani Sircar Kurian, Executive Vice President, Fund Manager & Head- Equity Research,Kotak Mahindra AMC.
Here are 10 stocks that buzzed during the last week:
IndiaMart Intermesh: B2B e-commerce company Indiamart Intermesh on Tuesday posted an over two-fold jump in its consolidated profit at Rs 76.4 crore in the first quarter ended June 30. Following the earnings, the stock surged 19.46 per cent to Rs 2,456.90.
Reliance Industries: Riding on likely investment of Amazon in Reliance Retail and Google’s commitment to invest in Jio, shares of Reliance Industries spiked 12.29 per cent to Rs 2,146, a record high. The company also crossed Rs 14 lakh crore valuation during the week.
Manappuram Finance, Muthoot Finance: Spike in gold prices have led to gains in stock prices of companies that provide gold loans. During the last week when gold prices hit record highs, Manappuram Finance rose 11.93 per cent to Rs 179.65 while Muthoot Finance climbed 8.3 per cent to Rs 1,302.60.
Jubilant Life Sciences: Shares of jubilant Life Sciences rose 10.86 per cent to Rs 752.60 after the company said ace investor Rakesh Jhunjhunwala raised stake in the firm. The billionaire investor and his associates bought over 11 lakh shares of the company in the first quarter.
Eicher Motors: Shares of Royal Enfield maker spiked ahead of auto sales number that is due next week. Company’s tractor sales have been steady and a good sales number is expected for this month as well. The stock rose 10.48 per cent to Rs 20,801.15.
Hindustan Zinc: Vedanta Group firm Hindustan Zinc Ltd on Tuesday reported a 23 per cent decline in its net profit at Rs 1,359 crore for the quarter ended on June 30. Following the earnings, the stock advanced 6.57 per cent to Rs 200.35 for the week.
Hindustan Unilever: Shares of HUL dipped 5.3 per cent to Rs 2,209.75 after the company reported mere 5.68 per cent increase in consolidated net profit to Rs 1,897 crore for the first quarter, that too largely due to Horlicks that it acquired early in the quarter.
Sterlite Tech: Shares of broadband technology solutions provider tanks 12.55 per cent to Rs 135.85 as it posted a 96 per cent decline in consolidated net profit to Rs 5.96 crore for the June quarter, hit by the Covid-19 crisis.
Future Retail: Shares of the retailer was the biggest loser among BSE 500 stocks. It slipped 13.48 per cent to Rs 95.60 as ratings agency Fitch downgraded Kishore Biyani’s flagship company Future Retail to ‘C’, after it missed the due date for interest payment on bonds worth $500 million.
