The week that was: CCD, ZEE take a big hit; Ruchi Soya on winning spree

NEW DELHI: Benchmark indices dropped over 2 per cent this week, as trade war concerns came back to haunt global equities. The escalating war of words between the US and China, US Fed’s not-so-dovish rate guidance and intensifying foreign outflow from India dragged domestic stocks lower for the fourth week in a row. Domestic earnings too disappointed.

The silver lining for the week was the Friday’s strong rebound on back of reports that the PMO was looking to tweak recent market unfriendly announcements. Besides, investors seem to have stopped reacting much to weak corporate numbers, Maruti’s case in mind, suggesting the weak numbers are in the price.

For the week, Nifty settled at 10,997, down 286 points or 2.54 per cent. Sensex fell 764 points, or 2.1 per cent, to 37,118.22.


Here are a few stocks which buzz the most all through the week:

Coffee Day Enterprises: The scrip nose-dived 49 per cent for the week to end at Rs 99.90 after VG Siddhartha allegedly committed suicide and left a letter to the company’s board members that suggested he was under severe pressure from one of the private equity partners to buyback shares. Coffee Day board announced its new interim chairman and delayed its quarterly earnings.

Indiabulls Housing Finance: Falling for four out of five sessions, the scrip lost 21.41 per cent of its value in a week after BJP Leader Subramanian Swamy sent a letter to PM Modi, accusing the group of a fruad worth Rs 1 lakh crore. The company, however, has denied any wrongdoing. The scrip settled at Rs 490.55 on Friday.

Zee Entertainment: The scrip fell 15.46 per cent to Rs 341.50 even as Rs 4,224 crore deal by promoters to sell 11 per cent stake in the company to Invesco Oppenheimer Developing Markets Fund for nearly Rs 400 per share was at a 10 per cent premium to prevailing prices. Investors seemed a bit disappointed as the company chose a financial investor over a strategic investor.

YES Bank: Shares of this private lender fell 8.12 per cent to Rs 88.30. A foreign investor in the Indian property market has alleged in a complaint to Reserve Bank of India (RBI) that Yes Bank and realty group HDIL have moved funds to evergreen loans.

Vodafone Idea: The scrip plunged 31.78 per cent for the week to Rs 6.31, thanks to a 26.81 plunge it witnessed on Monday in a reaction to Rs 4,873.9 crore loss it reported for June quarter. The telecom operator’s revenue fell dropped below rival Reliance Jio’s for the first time, as some subscribers left and others moved to lower tariff plans.

Jet Airways: After falling for three consecutive sessions, shares of Jet Airways made a comeback, rising 5 per cent each on Thursday and Friday to cut weekly losses to 5.51 per cent. At least four investors have shown interest in the assets of the airline and there were reports that lenders to the defunct airline may extend Saturday deadline for submitting expressions of interest for stake sale.

Ruchi Soya: This stock has now rallied for eight consecutive sessions after the NCLT recently cleared the Rs 4,350-crore bid by yoga-exponent Ramdev-run Patanjali Ayurved to take over the edible oil player. Surging 26.57 per cent for the week, the scrip settled at Rs 5.05 on Friday.

Maruti Suzuki: The automaker cut weekly losses by rising in the last two sessions of the week. The scrip fell 2 per cent for the week to Rs 5,692.4. India’s largest carmaker Maruti Suzuki reported a 27.3 per cent year-on-year (YoY) drop in net profit at Rs 1,435.50 crore for the June quarter on weak volumes and higher depreciation expenses.