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The Week That Was: Biyani stocks, Maruti, IndusInd plummet; Damani picks a new stock

Here are a few stocks that buzzed the most during the trading week.

, ETMarkets.com|
Last Updated: Apr 06, 2020, 09.17 AM IST
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Market Movers: What changed for D-Street while you were sleeping
Analysts fear further downside in bank and financial stocks.
NEW DELHI: There was no respite from bear hammering on Dalal Street, as stocks continued to fall amid a spike in Covid-19 cases in the country and around the world. FIIs continued to dump shares, further dampening sentiment.

During the week gone by, NSE barometer Nifty fell 6.66 per cent to 8,083 while 30-share pack Sensex was down 7.46 per cent to 27,590. Bank shares were the most affected, with Nifty Bank plunging about 14 per cent to 17,249.

Analysts fear further downside in bank and financial stocks. “Financials continue to be in focus as the actual impact of the lockdown and its effect on NPAs is being realised,” said Vinod Nair, Head of Research at Geojit Financial Services.

Here are a few stocks that buzzed the most during the trading week:

Edelweiss Financial: Shares of the merchant banker jumped over 21.36 per cent to Rs 42.05 after promoters Rashesh Shah and Venkatchalam Ramaswamy picked up additional stakes in the company. Shah acquired 3 lakh shares and Ramaswamy 1 lakh.

Delta Corp: This stock was among one of the top gainers of the week as value investor Radhakishan Damani increased exposure to the company. He bought 15,50,000 shares at Rs 65.25 apiece from Derive Investments on Tuesday. The stock jumped 21.26 per cent to 72.15.

Lupin:
Shares of the drugmaker gained 19.71 per cent to Rs 654.80 after it received an establishment inspection report (EIR) from the US health regulator for its Aurangabad, Maharashtra, facility with no action indicated. The stock also benefited from a rally in the pharma sector last week.

Suzlon Energy:
Shares of Suzlon Energy advanced nearly 17.65 per cent to Rs 2.20 after the company said an SBI-led consortium of lenders has approved a debt resolution plan. At present, total debt of the company from the lenders stands at Rs 12,900 crore.

GAIL: Oil and gas explorer GAIL was also among the biggest gainers of the week as investors bought the stock in anticipation of production cuts by Opec countries. The stock jumped 16.33 per cent to Rs 80.85 at the end of the week. OPEC countries are expected to meet on April 6 to find a solution to support the oil prices.

IndusInd Bank: The private lender continued its downtrend falling further 23.78 per cent to Rs 313.25 amid concerns over tight liquidity and its impact on growth and margins, following a recent conference call. The bank in a conference call indicated that it has seen 10-11 per cent of its deposits (nearly Rs 22,000 crore) flow out since December quarter.

Future retail, Future Consumer & Future Lifestyle: Shares of the Kishore Biyani-led Future Group were among the top losers during last week, falling 18 per cent each amid concerns over invocation of pledged shares by lenders. Future Retail ended the week at Rs 71.15, Future Consumer at Rs 6.33 and Future LifeStyle Fashions at Rs 106.55.

Maruti Suzuki:
Shares of the automaker fell 13.65 per cent during the week to Rs 4,011.65 after the company reported a 47 per cent drop in March sales at 83,792 units against 1,58,076 units in the same period last year. Domestic sales declined by 46.4 per cent to 79,080 units from 1,47,613 units in March 2019.

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