The week that was: 10 stocks that buzzed the most during the week

NEW DELHI: September quarter earnings was the major factor driving select stocks, especially from the IT and metals block, during the last week, along with massive buying by foreign institutional investors.

Overall, the market took a breather last week as the benchmark lost over a percent after rising for two successive weeks. The recent fall has derailed the momentum and indications are in favour of consolidation going ahead, said analysts.

“In absence of any major event, global cues and COVID-related updates will remain in focus. Any news of further restrictions due to a rise in COVID cases might not go well with markets. On the earnings front, a list of prominent companies viz. ACC, Britannia, Asian Paints, Bajaj Auto, HDFC Bank, Hindustan Unilever and UltraTech Cement will announce their numbers along with several others,” said Ajit Mishra, VP – Research, Religare Broking.

Here are 10 stocks that buzzed the most during the last week:

Jindal Stainless, Jindal Stainless (Hisar), Tata Metaliks: Shares of metal stocks were in huge demand after data shows that steel consumption in September had surpassed the February levels. Now all of them are lined up to present their quarterly earnings and investors are expecting a positive surprise. In the run up to that, Jindal Stainless surged 30.87 per cent last week to Rs 56.60. Jindal Stainless (Hisar) rose 10.91 per cent to Rs 96.05 and Tata Metaliks gained 10.095 per cent to Rs 554.15.

Tata Elxsi: Shares of the design and technology services provider spiked 8.11 per cent to Rs 1,508.85, after it reported a 58.3 per cent increase in net profit at Rs 78.8 crore in Q2 versus a net profit of Rs 49.8 crore in the year-ago period.

Infosys: Shares of the IT major rose 1.81 per cent, after much gyration, settling at Rs 1,127.60 after the company reported 20.50 per cent year-on-year rise in net profit at Rs 4,845 crore.

Wipro: Shares of Wipro plunged 9.24 per cent to Rs 339.55 after the company posted a 3.40 per cent year-on-year fall in consolidated net profit at Rs 2,465.70. Wipro’s buyback plans at Rs 400 per share also did not go down well with investors.

HCL Tech: Shares of HCL Tech slipped 3.38 per cent to Rs 827.10 after the IT company posted an 18.5 per cent year-on-year rise in net profit at Rs 3,142 crore while the topline rose 6.1 per cent to Rs 18,594 crore. Analysts see up to 80 per cent upside in the stock.

Mindtree: Lack of big ticket deals and underperformance to its peers during the September quarter disappointed investors as they dumped shares of this midcap company. The scrip tumbled 11.50 per cent to Rs 1,331.20.

Vedanta: The commodity sector company was the top BSE500 loser during the week after investor sold their holding post a failed delisting attempt. It tanked 22.19 per cent to Rs 95, the level it was trading at pre-delisting offer.

Vodafone Idea: Shares of the telecom services company continues to be in a downtrend and fell 9.78 per cent further to Rs 8.03. The company, which recently rebranded itself, is continuously losing users to its competitors.

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