A steep rally in Indian stocks on Friday after the government’s decision to cut corporate tax rate for domestic companies helped the benchmark indices to erase losses seen earlier in the week and close well in the green. For the week ended September 20, the 30-share S&P BSE Sensex advanced 1.7% to close at 38,015, while the broader Nifty50 index added 1.8% to settle at 11,274. Here are the top five gainers and losers for the week:
TOP 5 GAINERS
Titan: Titan Co. Ltd shares advanced 12.5% this week after global research firm Morgan Stanley upgraded the stock to overweight from equal weight with a target of Rs 1,300 from Rs 1,110 per share.
Hindustan Unilever: Hindustan Unilever Ltd (HUL) shares jumped 9% during the week amid broader rally in consumption-based stocks.
Bajaj Finance: Bajaj Finance Ltd shares gained 8% for the week after the company said it would raise Rs 8,500 crore via qualified institutional placement (QIP) by issuing equity shares.
Asian Paints: Asian Paints Ltd shares gained 7.9% this week after the company entered into an agreement with Mahindra Logistics to strengthen its supply-chain in Eastern India.
Britannia: Britannia Industries Ltd shares jumped 7.2% during the week as FMCG stocks gained.
TOP 5 LOSERS
Yes Bank: Yes Bank Ltd shares lost 19% this week after Morgan Credits Pvt. Ltd, a promoter group firm, said it had sold 2.3% shareholding in the private sector lender.
Zee Entertainment: Zee Entertainment Enterprises Ltd shares shed 14% during the week after various media reports said that Zee promoter met mutual fund lenders for an extension of the 30 September deadline for the repayment of debt. However, no decision was taken on the extension for which Sebi’s response would also be needed.
TCS: Tata Consultancy Ltd shares fell 3.6% this week after a media report said that the company is likely to see continued softness in its banking, financial services and insurance (BFSI) as well as retail verticals in the September quarter, which may impact its growth numbers.
NTPC: NTPC Ltd shares were down 3.4% for the week after the company said it will not undertake any new coal-based generation for the next few years as part of measures to reduce its carbon footprint. The company also decided to invest about Rs 25,000 crore to set up one of the world’s largest solar parks at Kutch in Gujarat.
Power Grid: Power Grid Corporation of India fell 3.2% this week as the stock turned out to be one of the very few losers on Friday, a day when the benchmark indices gained nearly 6%.
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