The week that was: Paytm, JK Paper among key stocks under spotlight

Considering that no major domestic event is lined up, the Indian market will be guided by global counterparts this week. The situation in Russia-Ukraine will be closely watched. Because crude plays such a pivotal role in determining the fate of Indian macros, crude price movements will also be meticulously monitored.

“With increased allocations to ELSS funds as the end of the fiscal year approaches, DII’s buying momentum is likely to continue. In the absence of a positive trigger, market movements are expected to remain range-bound, and investors should continue to invest in selective, fundamentally resilient stocks,” said Yesha Shah, Head of Equity Research, Samco Securities.

Stocks that were under spotlight last week:

Angel One: Shares of Angel One climbed over 25 per cent during the week amid impressive user base growth and heavy buying by Vanguard. The ETF giant bought 15.48 lakh shares of the company via bulk deal on Thursday.

Ruchi Soya: Shares of Ruchi Soya climbed 25 per cent last week after the Patanjali Ayurved-owned firm announced its follow-on public offer from March 24.

Bandhan Bank: Shares of Bandhan Bank advanced 15 per cent as RBI amended some rules that are set to benefit the company. The guidelines provide relief to NBFC-MFIs by removing the interest rate caps and increasing the household income eligibility to Rs 3,00,000 from Rs 1,25,000 in rural and Rs 2,00,000 in urban.

JK Paper: Shares of the company have seen massive demand as it has taken price hikes despite no significant rise in raw material prices. The stock advanced 12 per cent during the week.

Jubilant Foodworks: Shares of the Domino’s India operator tanked 11 per cent after the company’s chief executive announced resignation. The CEO is likely to join Eureka Forbes.

Oil India, Mangalore Refinery: As prices of crude oil crashed, shares of oil refineries also eased. Oil India fell 7 per cent and Mangalore Refinery and Petrochemicals dropped 6 per cent.

IndiGo, SpiceJet: Shares of Interglobe Aviation, which operates IndiGo, rose over 4 per cent as India opened international routes for private companies. The stock advanced in spite of the surge in air turbine fuel prices. Meanwhile, SpiceJet ended flat with negative bias, down 0.17 per cent.

Paytm: Shares of Paytm operator One97 Communications tanked over 25 per cent after RBI banned Paytm Payments Bank to onboard any new customer and ordered a forensic probe of its IT system.