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Stocks: The week that was in 10 stocks: TCS beats Accenture, Thyrocare rallies, Vedanta slumps

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Stocks: The week that was in 10 stocks: TCS beats Accenture, Thyrocare rallies, Vedanta slumps 2

MUMBAI: Benchmark equity indices logged strong gains for the second week in a row as they climbed for the seventh straight session, helped by strong global cues, an upbeat start to September quarter earnings season, and as the Reserve Bank of India (RBI) kept up with its accommodative stance, and announced a slew of liquidity-boosting measures.

Hopes of stimulus in India and the US also kept the investors’ sentiment upbeat, and drove the market capitalization of listed companies on BSE to a record high of Rs 160.68 trillion.

Market barometer Sensex rose 4.68 per cent to 40,509.49 points, while peer Nifty climbed 4.36 per cent to 11,914.20 points during the week.

However, the rally was concentrated in select large cap stocks. Of the BSE 500 pack, 226 stocks logged gains last week.

Here are key stocks that saw significant movement during the last week:

Wipro, TCS, Infosys, HCL Technologies: IT services major Wipro was the top Nifty gainer last week as it advanced 19.52 per cent to Rs 374.10. After TCS, Wipro has also announced that its board will consider a share buyback proposal. The company is set to unveil its September quarter results on Monday.

TCS rose 11.58 per cent in the week to Rs 2,814.95. and is now the most valued IT services company in the world, surpassing Accenture. TCS’s market value stood at $144.7 billion compared to Accenture’s $143.1 billion. Peer Infosys climbed 8.83 per cent to Rs 1,107.55. HCL Technologies added 5.32 per cent to Rs 856.

All the four companies also scaled new all-time highs last week.

Vedanta: Miner Vedanta dropped 11.17 per cent to Rs 122.10 amid its delisting process last week. The company’s billionaire founder Anil Agarwal said they failed to garner the required number of shares to delist the company. The total number of shares validly tendered by public shareholders in the delisting offer was 125.47 crore.

Thyrocare Technologies: Diagnostics firm Thyrocare Technologies was the top gainer among BSE 500 stocks last week, as it jumped 41.34 per cent during the period. The stock scaled a record high of Rs 1,149.90 on October 8, after it said its revenue in the September quarter had increased 37 per cent from a year ago, on the back of increased testing for Covid-19. Analysts, however, expressed concerns on the margins of diagnostics firms as prices for Covid-19 tests have been capped by the government.

Infibeam Avenues: Infibeam Avenues jumped 17.21 per cent to Rs 87.85 after the Gandhinagar-headquartered parent of payment gateway company CCAvenue said it has signed a deal to license its e-commerce and payment software to Jio Platforms, Reliance Jio’s digital platform venture. The stock scaled a record high of Rs 94.05 on October 8.

Angel Broking: Securities firm Angel Broking made a weak stock market debut on Monday at Rs 275 apiece at a 10.13 per cent discount over its issue price of Rs 306. It closed the week at Rs 274.70, down 10.22 per cent from its issue price.

Future Retail: Kishore Biyani-owned Future Retail was among the worst performing stocks in the BSE 500 pack, as it slumped 13.15 per cent to Rs 78.25 on fears of a bitter court battle with Amazon. Amazon Inc. has approached Singapore International Arbitration Centre (SIAC) claiming that Future Group has violated the contract under which the US-based e-commerce major took a stake in its subsidiary, and is asking for the deal with Reliance Industries to buy the Indian firm’s retail assets to be halted.

Sobha: Bengaluru-based Sobha rose 14.52 per cent to Rs 261, helped by an encouraging sales data for the second quarter. Analysts are upbeat on this South Indian realty major as they believe it can provide up to 50 per cent gains in the next one year.

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