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The week that was: Magma’s best ever, Neuland’s best in 4 years

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Money managers suggested that the strong gains in the market have a long runway ahead, despite signs during the week of some fatigue, due to strong earnings.
MUMBAI: In the week gone by, benchmark equity indices added to their stellar gains of the previous week as the post-Budget rally on Dalal Street continued. Nifty50 and Sensex added nearly 2 per cent last week.

Risk appetite among investors remained strong given the optimism for domestic and global economic recovery as well as the strong earnings performance by most companies for the quarter ended December.

Money managers suggested that the strong gains in the market have a long runway ahead, despite signs of some fatigue, due to strong earnings.

Here are 10 stocks that captured the week’s highs and lows:


Magma Fincorp’s best week ever
Shares of the company jumped 67 per cent during the week, its highest weekly gain ever, and the reason was revealed on Thursday after the company announced that India’s vaccine man Adar Poonawalla will take over the company through his holding company and make an open offer.

ITC’s forgettable week
Shares of ITC fell 7 per cent in its weakest weekly performance in recent months as investors were left disappointed by the December quarter earnings and the lack of an announcement of a likely restructuring of the company’s various divisions.

Eicher Motors fell on earnings
The Royal Enfield maker’s earnings for the quarter ended December failed to impress the Street and spurred profit booking from investors given the recent run-up.

RIL shows strength
Shares of the country’s largest conglomerate showed signs of life as they rose 6 per cent in the week, helped by easing concerns around the acquisition of Future Group’s retail assets and on market talk of a likely demerger of its telecom and retail businesses.

Coal India slips on weak realisations
Shares of the coal miner fell 5 per cent as the company’s realisations in e-auction and elsewhere during the December quarter fell below Street’s estimate. The company’s net profit fell 21 per cent in the quarter, again below estimate.

Neuland Lab has best week in 4 years
Shares of the drugmaker rallied 31 per cent in the week, their best weekly performance since February 2017, on rising confidence on its earnings growth. The gains were also supported by the acquisition of a small stake by long-only fund of Texas Retirement Scheme.

Motherson Sumi soars on strong earnings
Shares of Motherson Sumi System rose 28 per cent in the week, its best weekly gain since April, as the company reported a strong earnings for the quarter ended December. Investors were surprised by the better-than-expected margins by the standalone entity and its subsidiary.

Hindalco surges on capital allocation policy
Shares of the aluminium producer surged 11 per cent during the week as investors cheered the shift in the company’s capital allocation policy. The company suggested analysts that it will focus more on downstream business in India instead of smelters. The strategy has worked well for its arms and investors had long wanted the company to replicate the same in India.

Balkrishna Ind slumped on capex plan
Shares of the auto ancillary company fell 8 per cent during the week as investors disapproved of the company’s plans to spend on creation of a carbon black plant for capacity in excess of its own needs.

Natco Pharma fell on weak Q3
Shares of the drugmaker fell 6 per cent as the company reported a 39 per cent year-on-year decline in its net profit and revenues for the December quarter largely because of low sales of Tamiflu drug in the US.

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