The BSE Sensex gained 702.76 points, or 2.42 per cent, for the week to settle at 29,648 on Friday. The Nifty50 surged 225 points, or 2.52 per cent, to close at 9160.
Here’s a look at what grabbed limelight all through the week:
Rupa & Co now has Buffett connection: News of the company’s wholly-owned subsidiary Oban Fashions entering into a licensing agreement with Fruit of the Loom, a subsidiary of Warren Buffet’s Berkshire Hathaway Company, lifted the stock by 26 per cent during the week. The company’s arm will manufacture innerwear and outerwear products for men, boys, women, girls and toddlers in India, under their brand names and marks. The stock closed the week at Rs 340 apiece.
ITC at record high after GST Council meet: The GST Council decided to cap the cess on tobacco products at Rs 4,170 per 1,000 sticks or 290 per cent ad valorem. Angel Broking noted that while the final levy on tobacco products will be higher than the current rate, this cap will ensure that the uncertainty surrounding the peak cess on tobacco products will end once and for all and that the products are not classified as sin products. The stock rose 6.81 per cent during the week.
Dredging Corp surprised with 43% rally: This state-run company has been in the news amid reports that the government was looking to sell a 51 per cent stake in the state-run Dredging Corporation of India. A cabinet note has been prepared on this proposal and is being circulated among key ministries for comment, two senior government officials told ET a couple of weeks ago. The government currently holds 73.47 per cent of the firm that provides dredging services to seaports, while state-run financial institutions hold another 13 per cent stake. The stock rose 43 per cent for the week gone by.
Rs 50K cr worth RIL shares changed hands: Entities owned by the promoters led by Mukesh Ambani bought and sold 39 crore shares or 12 per cent of India’s second-most valuable company’s equity, worth Rs 50,000 crore, in a set of block deals on the bourses on Wednesday. On March 9, as many as 15 firms belonging to the Mukesh Ambani-led promoter group had sold 39.61 crores shares or 12.2 per cent stake in the company to eight of their own firms through block deals. But these large deals had little impact on the stock, which settled 1.5 per cent for the week at Rs 1,300.
MTNL rings in merger news: This stock was buzzing through the week amid rumours of MTNL’s possible merger with BSNL. Later, the committee on petitions, chaired by BJP MP Bhagat Singh Koshyari, in its report tabled in Lok Sabha said it was of the considered view that “for the long-term survival and success, the merger of MTNL and BSNL would be a good proposition.” The stock ended 3.08 per cent higher for the week at 25.10.
Sun Pharma had some good news: During the week, the US FDA said it would lift import alert imposed on the drugmaker’s Mohali manufacturing facility and remove the facility from official action initiated (OAI) status. The action will clear the path for Sun Pharma to supply approved products from the Mohali facility to the US market, subject to normal USFDA regulatory requirements. The stock gained, though limited. The stock was up 3.4 per cent for the week.
Rel Capital to enter health insurance: Reliance Capital was in news last week after the company said it would set up a standalone health insurance company by carving it out from the general insurance entity. The board of directors of Reliance General Insurance Company (RGIL), a subsidiary of Reliance Capital, approved the proposal to separate the health segment, which send the stock rising during the week. This stock zoomed 12.31 per cent during the week to Rs 601.
Music Broadcast a hit: This stock too made headlines. The scrip on Friday debuted at a 26.13 per cent premium at Rs 420, compared with the issue price of Rs 333 apiece. But the rally fizzled out a bit, as the stock close the day at Rs 373.15, up 12.06 per cent. The IPO, which was sold between March 6 and March 8, received nearly 8.5 lakh applications and was subscribed 39.67 times.
These pockets too hogged limelight: During the week, liquor stocks were in news after Karnataka Chief Minister Siddaramaiah abolished VAT on wine, beer, wine and hard liquor in the state’s budget. Broking stocks were in limelight as the market hit record high. IT stocks were in focus as rupee continued to strengthened last week to settle at 65.46 against dollar. A rise in rupee is negative for domestic IT stocks.
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