Market

The week that was in 10 stocks: Cyient, Happiest Minds, Sobha among names that buzzed most

NEW DELHI: The ongoing June quarter earning season was the single largest factor guiding movement of stocks during the week. IT companies saw some of the biggest moves, along with realty names that came out with their Q1 sales updates.

On the sectoral front, at the end of the week, most sectors contributed to the move and closed higher. The broader markets, midcap and smallcap continued their stellar performance.

On the earnings front, we have a long list of major corporations who will be announcing their numbers during the next week. Some of the prominent names are Reliance, ACC, Asian Paints, Bajaj Finance, Bajaj Auto,

, HDFC Life Insurance, ICICI Prudential Life Insurance, , , Ambuja Cement and JSW Steel.

“We reiterate our view that the performance of the banking pack would play a critical role in index regain momentum else the rise could be gradual. Since all the sectors are participating in the move, traders should maintain their focus on stock selection and continue with the “buy on dips” approach,” said Ajit Mishra, VP Research. Religare Broking.

Key BSE500 stocks that buzzed the most during the week:

Cyient: Shares of the IT company surged after the firm reported a 41.3 per cent rise in consolidated net profit to Rs 115 crore for the April-June quarter of this year. The stock climbed nearly 25 per cent to Rs 1,061.70.

Happiest Minds: Shares of Happiest Minds, another midcap IT company, surged further 24 per cent to Rs 1,494.15 on expectations of a superior Q1 earnings. Moreover, the company also held its AGM recently.

CAMS: Shares of mutual fund registrar surged 19 per cent during the week to Rs 3,435 after the company said it will start its services for Franklin Templeton. The company also said its board will meet to decide on dividend payment.

Sobha, , Sunteck Realty and DLF: Real estate firms were on a roll during the week as companies said they witnessed bumper buying interest in the June quarter. Shares iof these companies climbed 10-18 per cent, with Sobha rising the most.

JSW Energy: As the energy consumption has soared to record levels in India,

advanced 15 per cent to Rs 194. The company is also scheduled to come out with its Q1 numbers during the next week.

Sequent Scientific: Shares of the Sequent Scientific remained in good demand during the week. The scrip advanced 11 per cent after the company announced EUGMP approval for its tablets dosage form in Turkey.

Adani Ports: Shares of Adani Ports continue to be in steady decline as many investors have raised concerns of its ESG compliances. The stock fell nearly 6 per cent to Rs 688 during the last one week.

Just Dial: Shares of the discovery services company dipped over 3 per cent ahead of its sale to

. The oil-to-telecom conglomerate said it will acquire a majority stake in the company.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button