The week that was in 10 actions: Gathering of pharmaceutical and sugar stocks, JK Cements plummets
The BJP’s landslide victory in four states, including Uttar Pradesh, set the tone for recovery amid lingering geopolitical concerns between Russia and Ukraine and rising crude oil prices.
Benchmarks – BSE Sensex and Nifty50 Index – gained more than 2% each, while mid and small cap indices jumped 3% each. All sector indices have advanced over the past week.
Vinod Nair, head of research at Geojit Financial Services, said the domestic market opened weakly, witnessing strong selling as oil prices jumped above $130 a barrel on risk. of an American and European ban on oil exports from Russia.
“However, the mood turned as the state election results turned positive for the market and oil prices began to cool. Indian markets saw heightened optimism about the progress of the high-level talks between Russia and Ukraine and an increase in global markets,” he added.
In the BSE 500 index, nearly 390 stocks ended the week with gains while the rest recorded losses. No less than 30 stocks gained double digits during the week.
Here are some of the key names that have been in the spotlight over the week:
Pharmaceutical actions: Pharmaceutical players rallied as the outlook for Indian drug exporters turned positive on firm export prospects amid the ongoing geopolitical backdrop. Take Solutions gained 38% to Rs 37.8, while IOL Chemicals & Pharma jumped 23% to Rs 427.6.
Sugar stocks: Domestic sugar companies were in high demand among the trades due to a variety of factors, including a favorable ethanol blend, higher sugar realizations, and improved company operating margins. Dwarikesh Sugar gained 36% to Rs 129.15, while Avadh Sugar & Energy jumped 19% to Rs 699.2.
BGR energy systems: The small-cap construction and engineering player soared 25% to Rs 92.85 during the week after the Madras High Court reinstated the order worth Rs 4,442.75 of rupees granted to the company by Tamil Nadu Generation and Distribution Corporation
Trust infrastructure: The infra player managed by Anil Ambani won 18% to Rs 122.4 following a favorable order from the Delhi High Court, where he ordered Delhi Metro Rail Corporation to pay Rs 6,330 crore to a subsidiary of Reliance Infrastructure in accordance with the arbitration award rendered in 2017. .
Gujarat Narmada Valley Fertilizers and Chemicals: The state-run chemical maker continued its strong performance over the past week as the certificate jumped 18% to Rs 707.75. So far, the certificate has soared more than 60% in 2022.
JK cement: The cement player fell around 13% to Rs 2,296.25 amid the price hike. Additionally, the company announced its entry into the paint business through a wholly owned subsidiary. The company is looking to invest 600 crores in the first five years.
Elgi equipment: The air compressor maker fell another 12% to Rs 306.5 over the week. The certificate has been in freefall since announcing plans to consolidate its production facilities into a single campus in Coimbatore.
Jindal stainless steel: The metal player lost 10% to Rs 178.40 amid the growing global crisis between Russia and Ukraine which led to a sharp rise in nickel prices, impacting the prices of the company’s inputs. This could impact the supply chain in the short term.