The week that was: Jet's hard landing, gold rush for PCJ & Polycab listing
Shares of jewellery maker PCJ climbed 29.70 per cent during the week to Rs 145.20.
Here are a few stocks that created all the buzz through most of the week.
Shares of jewellery maker PCJ climbed 29.70 per cent during the week to Rs 145.20. A filing by the company during the week said investor Carlina bought 4,700,000 shares in the company at an average price of Rs 140.50. This was in addition to 4,650,000 shares that it had bought at Rs 105.73 last week. On April 10, this investor bought 3,700,000 shares for Rs 94.68 apiece.
A hard landing
Jet Airways shares crashed 37 per cent this week after the airline announced complete closure of operations. Jet had been operating just 35-40 flights over the past few days but grounded the entire fleet last week, which can significantly affect its value for potential investors.
A new beginning
Polycab India and Metropolis Healthcare had decent listings week. Shares of Polycab India ended Friday’s session at Rs 645.95, at 20.06 per cent premium over its issue price of Rs 538. The Rs 1,345 crore IPO, which was sold between April 5 and 9, was subscribed 52 times. This was the biggest response that an IPO received since HDFC AMC’s 82.99 times subscription in July last year. Metropolis Healthcare, meanwhile, gained 10.56 per cent for the week to Rs 973 over its issue price of Rs 880.
Building up capacity
During the week, Deepak Fertilisers and Petrochemicals announced commencement of its Rs 550 crore new facility in Gujarat that has production capacities of 92 kilo tonnes per annum for concentrated nitric acid and 149 kilo tonnes per annum for diluted nitric acid. The stock jumped 15.91 per cent to Rs 159.20 for the week.
Stepping up the game
Shares of SpiceJet jumped 23.97 per cent this past week as the company announced plans to induct 27 planes over next two weeks, a step that is seen as filling up the gap after the closure of Jet Airways operations. Shares of InterGlobe Aviation also jumped 8.55 per cent on Jet’s misery.
Shares of Tata Motors climbed 9 per cent last week on hopes that promoters would step in to support the firm. Mahantesh Sabarad of SBICap Securities told ETNOW that this last happened post the company’s Q3 results. Tata Sons had bought company shares worth Rs 250 crore. “So, the jump in the stock that we are seeing can potentially be attributed to hopes that the promoters will step in and rescue the company as well as the stock,” Sabarad said.
Over the moon
Shares of 63 Moons Technologies surged 37.32 per cent during the three-session week to Rs 131.20. In a reply to NSE, the IT company said no information or announcement is pending from the company that may have a bearing on its operations or performance. The current increase in price of the scrip could be purely market driven, it said.
A falling knife
Shares of ADAG group firms fell up to 17 per cent this past week. Reliance Capital plummeted 17 per cent. Reliance Power 13 per cent, Reliance Communications 13.75 per cent, Reliance Naval 11.93 per cent and Reliance Home 9.33 per cent. These stocks were among the worst performing midcaps of the week.