The week that was: Mukesh Ambani’s media stock surged over 50%

The benchmark indices, Sensex and Nifty, ended with a gain of nearly 2 per cent to close at 58,786.67 and 17,511.30, respectively. Most sectoral indices ended in the positive with realty, metals and capital goods being the top gainers. On the broader market front, midcap and smallcap indices too ended in the green in the range of 2-3 per cent. In the BSE500 index, 370 stocks closed in the green while the rest ended in the red.

“While it is widely expected that Fed would take the intensity of the Omicron variant into account before aggressively preponing tapering plans, any surprises in the announcements can cause choppy movements,” said Jimeet Modi, CEO, Samco Ventures. “Hence investors should remain cautious and consider value investing till markets continue to let off steam from excess valuations.”

Here are key stocks that were in spotlight during the week:


Network 18 Media & Investments: Shares of the broadcaster surged over 50 per cent during the week as reports indicated Mukesh Ambani-led firms may also bid for ICC broadcasting rights. The company had said post Q2 earnings that sports was set to be the next frontier of expansion. The company has already acquired rights to FIFA World Cup 2022 and three major football leagues. Shares of TV18 Broadcast, its sister company, also climbed over 20 per cent.

Trident: Shares of the textile firm climbed about 23 per cent even as the company said its monthly production came down month-on-month. The firm sent gift vouchers to its 15 lakh shareholders.

HFCL: Shares of optical fibre cables and broadband equipment manufacturer surged 22 per cent during the week as it launched its QIP. Reliance Industries was among those buying stakes in the firm.

Vodafone Idea: Shares of the telecom operator continued to climb and added another 14 per cent as reports said it will not default on its obligations. The stock has been rising since the company announced a tariff hike.

Delta Corp, Inox Leisure: Delta Corp was also in focus as it is one of the reopening plays. The stock advanced 13 per cent as the vaccination has steadily picked up. Similarly, Inox Leisure, which operates multiplexes, also gained nearly 12 per cent.

SBI: Shares of the State Bank of India (SBI) were in demand during the week as Jefferies upgraded the counter to ‘buy’ after a correction. The stock rose about 5 per cent by the end of the week.

Indian Bank: Though the whole PSU bank block saw buying in the last couple of days of the week, Indian Bank was especially in focus. The counter added 13 per cent after the government made an attempt to pave a way to trim its holding in PSU banks below 50 per cent.

Hindalco, Nalco: Shares of aluminium producers were in huge demand even as other metal stocks were subdued. Nalco added 8 per cent and Hindalco 7 per cent after the government recommended a hike in customs duty for primary aluminium and an increase in import duty on downstream aluminium that will benefit both companies. Further, the government recommended correcting the inverted duty structure for aluminium companies.