The week that was in 10 stocks: Adani zooms; Edelweiss, Future Retail plunge


NEW DELHI: Benchmark indices last week experienced a rollercoaster ride, but most of the days bears kept a tight hold on the proceedings. Ultimately the indices lost over one and a half percent during the period.

Market was in a consolidation stage due to fear of the second wave of Covid-19 and high valuations. The outflow of foreign funds and rising US bond yields kept investors risk-averse.

With benchmark indices under pressure, experts advised to look for stocks which have undergone decent correction for putting in fresh capital for the long term.

“The stability in the market depends on the pace of vaccination and fourth-quarter results which are expected to be positive, given the recovery in economic activity during January and February 2021. On the other hand, the prediction of a normal monsoon in India this year augurs well for a revival in economic activity,” said Vinod Nair, Head of Research at

.

Here are the 10 stocks that were in focus during the last week:

Edelweiss Financial Services: Shares of the company plunged last week as reports claimed the government had ordered a probe into irregularities at the firm. However, the company denied any such information. The scrip ended 16.46 per cent down to Rs 70.30.

Future Retail: Shares of the brick and mortar retailer continued to slide after the Delhi High Court ordered against the company, quashing hopes of its deal with . The stock declined 15.40 per cent to Rs 47.25.

Hathway Cable: The stock plunged 12.88 per cent to Rs 25.70 after promoter Reliance Industries kicked off its offer for sale (OFS) to pare stake in the company to comply with minimum public shareholding norms.

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PVR, Inox Leisure: Shares of the multiplex operators PVR and Inox dived 10.72 per cent and 6 per cent as sharp rise in covid cases spooked investors who believe people will stop going to cinema halls now, which were already running with limited capacity.

Chennai Petroleum, ONGC, Indian Oil: Shares of OMCs and oil explorers declined last week on concerns that fresh coronavirus lockdowns in parts of the country would hurt demand. Chennai Petroleum fell 9 per cent, Indian Oil was down nearly 8 per cent and ONGC 7 per cent.

VIP Industries: The stock was another casualty of rising covid cases as traders believe that the longer the pandemic lasts, the harder it will be for sales to recover as travelling has come down sharply amid the health crisis. The counter declined 7 per cent.

Adani Enterprises: Shares of the holding company rocketed as its subsidiaries managed to clinch a number of deals. Adani Port bought a stake in Gangavaram Port while Adani Green Energy acquired 100 per cent stake in Spinel Energy and Infrastructure.

added 10.85 per cent to Rs 985.90.



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