J&K Bank, Indiabulls Housing, Jet Airways among 10 stocks that moved the most last week

The market consolidated in the week that ended on June 14 amid mixed domestic data and global cues. The Sensex ended 163.83 points lower at 39,452.07 while Nifty ended at 11,823.3, down 47.35 points.

Nifty remained in the range of 12,000 on the upside and 11850 on the downside as it formed bearish candle on the weekly charts.

Sensex and Nifty posted 0.4 percent fall in the week that ended on June 14.

The S&P BSE Midcap index fell 1.24 percent, Smallcap Index shed 1.99 percent and S&P BSE Largecap Index was down 0.49 percent last week.

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Here are the 10 stocks which have moved the most in the week:

J&K Bank | Down 28 percent

Shares of Jammu and Kashmir Bank remained under pressure last week after the government had removed J&K Bank Chairman Parvez Ahmad and appointed its Executive President R K Chibber as an interim chairman.

The government said it decided to take long-term measures to improve the functioning of the bank so that it became an example of a well-managed government-owned bank, and Ahmad’s removal was the first step in that direction.

It added that Chibber had been appointed as the interim chairman and director on the board of directors.

Jet Airways | Down 34 percent

The National Company Law Tribunal (NCLT) adjourned an insolvency plea against the carrier, giving it a fresh lease of life.

Sources have told Moneycontrol that officials of Jet Airways, Etihad Airways and the Hinduja Group are now in constant dialogue to chart out a revival plan along with the lenders.

There has been a question mark over the talks after two operational creditors of Jet Airways filed the insolvency petition against the airline at the Mumbai bench of NCLT. The Tribunal has adjourned the plea to June 20.

Meanwhile, shares also remained under pressure during the week after stock exchanges decided to impose trading restrictions on the beleaguered airline. According to a circular issued by the NSE, the decision was taken as a part of preventive surveillance measures to curb excessive volatility.

Yes Bank | Down 17 percent

Shares of Yes Bank tanked 17 percent in the last week after UBS cut price target sharply on lower FY20 earnings estimates.

UBS maintained sell rating and slashed target to Rs 90 from Rs 170 apiece.

“We raise FY20 credit cost estimates for Yes Bank to 250 bps from 200 bps,” the brokerage said.

According to the research firm, the next level of risk could appear from leveraged corporates’ related companies.

Hence, UBS lowered its earnings estimates for Yes Bank by 79 percent & 7.3 percent for FY20/21.

IndusInd Bank | Down 8 percent

UBS downgraded IndusInd Bank to sell and cut price target to Rs 1,400 from Rs 1,700 earlier. UBS raised FY20 credit cost estimates for IndusInd Bank to 150 bps from 100 bps as network risks drive credit cost estimates higher.

UBS lowered its earnings estimates for IndusInd Bank by 53 percent & 8.6 percent for FY20/21.

Reliance Capital and Reliance Home Finance

Reliance Capital | Down 23 percent & Reliance Home Finance | Down 24 percent

Shares of Reliance Capital and Reliance Home Finance declined after their statutory auditor Price Waterhouse & Co Chartered Accountants LLP resigned.

Reliance Capital has said its other duly appointed auditor, Pathak H D & Associates – whose term is valid until the conclusion of the AGM for the year that end on March 31, 2021 – will continue as the sole statutory auditor.

Reliance Capital, as well as Reliance Home Finance, has further said it does not agree on the reasons given by PWC for the resignation.

Smartlink Holdings | Up 32 percent

Shares of Smartlink Holdings touched 52-week high of Rs 112.50 on the BSE last week after the company approved buyback of shares.

The company board approved the buyback proposal of its own fully-paid equity shares of Rs 2 from the equity shareholders of the company.

The record date to be announced later for the buyback, not exceeding 42,00,000 equity shares (approximately being 24.78%) at a price not exceeding Rs 130 per equity share for an aggregate amount not exceeding Rs 54,60,00,000.

Sterlite Technologies | Up 6 percent

Twin Star Overseas, promoters of the company, has removed 100 percent of the pledge on the company’s shares with immediate effect.

Anil Agarwal, the Group Chairman said, “We are extremely excited about STL’s strategic push towards the future of global data networks. Our recent new technology solutions for data networks are very encouraging and have the potential to fundamentally disrupt the space. As the founders and lead investors of STL, we remain bullish about our business’ ability to create disproportionate long term shareholder value.”

“As communicated, we have removed the entire pledge on STL, and remain committed to the highest level of corporate governance and our shareholding in the company,” he added.

Simplex Infrastructures | Down 9 percent

Simplex Infrastructures shares plunged 9 percent in the last week after rating agency CARE revised its outlook on the company’s bank facilities to negative from stable.

CARE retained its rating on the company’s long-term bank facilities worth Rs 2,624.40 crore at A- but revised outlook to negative from stable earlier.

Also, the rating for its long/short-term bank facilities worth Rs 7,900 crore remained at A-/A2+, but the outlook was revised to negative from stable, the company said.

CARE also retained its rating on company’s non-convertible debentures worth Rs 525 crore at A-, but the outlook was revised to negative from stable.

Indiabulls Housing Finance | Down 8 percent

Indiabulls Housing Finance remained under pressure after the company had been dragged to the Supreme Court for alleged misappropriation of funds.

A criminal writ petition was filed on June 10 in India’s Supreme Court, alleging that senior officials used a web of shell companies to siphon about Rs 980 billion ($14 billion) out of the company.

However, the company said on Wednesday that the petitioner had admitted in court that the petition was defective in nature and that he would approach the court after rectifying it.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.

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