The week that was in 10 stocks: Tata Teleservices bleeds 23%; Orient Bell, Garware Hi-Tech rally

Among the benchmark indices, BSE Sensex wiped out close to 2,000 points or 3 per cent and settled merely above 55,850 mark. Its peers, Nifty50 lost over 600 points or 4 per cent during the weekend and settled just above 16,650.

Among the broader markets, the midcap index registered a 3 per cent fall whereas the index for smallcap stocks tanked 5 per cent during the week. The fear gauge India scaled 33-levels before ending the week below 27-mark.

All the indices ended in red wherein Oil & Gas, Auto and Capital Goods were the top losers, whereas auto, pharma, and cement had a tough quarter. High inflation, which resulted in falling margins, was a source of pain for many businesses.

Vinod Nair, Head of Research at Geojit Financial Services, said that Russia’s Ukraine invasion was a big surprise for the world market, as it was not anticipating a war resulting in a bloodbath on the global bourses.

“Going ahead, investors will continue to remain cautious, keenly watching the developments in the Russia-Ukraine war,” he added. “In such a volatile market, a prudent approach is to have a balanced portfolio with a mix of equity, debt, gold, and cash.”

In the BSE500 index, about 425 stocks registered cuts during the week, whereas the remaining 75 stocks ended higher. More than 150 stocks registered double digit cuts during the week.

Prevalent geopolitical tensions will continue to take centrestage and will be a primary driver directing market direction and investor mood internationally, said Yesha Shah, Head of Equity Research, Samco Securities.

Below are some of the key names that were in the spotlight during the week:

Tata Teleservices (Maharashtra): The telecom player continued to bleed after a poor set of numbers in the December 2021 quarter. The scrip tanked 23 per cent to Rs 111.45. It has crumbled more than 60 per cent since January 11.

Aegis Logistics: The importer and distributor of LPG and chemicals plunged more than 22 per cent to Rs 172.05 amid the rising costs of petroleum products across the globe. The company also hosted an investor/analyst meet in the previous week.

Indiabulls Housing Finance: The leading NBFC tanked 20 per cent to Rs 148.45 after the Delhi and Mumbai division of Enforcement Directorate jointly conducted searches at Indiabulls Housing Finance and its office.

Elgi Equipments: The air compressor manufacturer tumbled 17 per cent to Rs 327.75 during the week. The company is looking to consolidate its production facilities in a single campus. The company has also scheduled an analyst/Institutional investors meeting on March 11.

R Systems International: The global technology and analytics services company slumped 17 per cent to Rs 221.05 as its net profit declined about 13 per cent to Rs 32.79 crore in December 2021 quarter on a sequential basis, despite the rise in income.

Indus Towers: The telecom infra player shed over 15 per cent to Rs 214.2 as UK’s Vodafone Group Plc raised around Rs 1,443 crore by selling a 2.4 per cent stake in Indus Towers through a block deal.

Restaurant Brands Asia: The speciality chain player, formerly known as Burger King India, declined another 14 per cent to Rs 109.5 as the company raised Rs 1,402.1 crore by issuing 10.84 crore equity shares to QIBs at Rs 129.15 per share.

Orient Bell: The Porinju Veliyath-backed tile maker rallied more than 17 per cent to Rs 581.5 during the week on the back of strong technical set up on the daily charts and strong growth outlook.

Garware Hi-Tech Films: The polyester chips and films maker was on a roll during the week as it gained more than 17 per cent to Rs 809.95 during the week. The company was recently listed on the National Stock Exchange (NSE).

Federal-Mogul Goetze (India): The piston and piston ring maker jumped 14 per cent to Rs 266.85 after Pegasus Holdings III LLC made an open offer to buy 25.02 per cent stake in the company at Rs 275 per offer share aggregating to Rs 382.8 crore.