Tracking Sensex: Top losers, gainers of the week

June 14, 2013

By Ankush Arora and Aditya Kalra

Gains of 1.9 percent on Friday helped the Sensex recover some of its losses but the benchmark still ended down 1.3 percent for the week. The index ended in the red for three of five trading sessions this week.

Indian markets largely ignored Fitch’s rating outlook upgrade and Finance Minister P. Chidambaram’s pledge to do more for the economy. Ahead of Monday’s Reserve Bank of India policy review, data showed May inflation stood at 4.7 percent. However, recent weakness in the rupee and a high current account deficit are some of the factors that dampen hopes of a rate cut.

Here are the top five Sensex losers of the week:

JINDAL STEEL AND POWER (JSPL): Shares in JSPL, which ended with losses of 13.21 percent this week, were battered after the Central Bureau of Investigation registered a case against the company over coal mining rights. Shares of the company, controlled by Congress MP Naveen Jindal, have had a rough year so far, losing more than 45 percent.

Motilal Oswal Financial Services upgraded the stock to ‘neutral’ on June 11, as it believed the sharp correction in the stock called for a review, even as fundamentals of JSPL’s businesses remain challenging.

TATA POWER: The power producer was the second worst Sensex performer this week, ending with losses of 8.7 percent near its 52-week low. The stock is also among the worst Sensex performers of 2013, having lost more than a quarter of its value.

According to Thomson Reuters data, of the 34 analysts covering the stock, 15 have a buy or equivalent rating on Tata Power, while 11 have a ‘hold’.

The company, which this week registered its 50.4 megawatt wind energy plant in north Karnataka, plans to hold off on major investments until it clarifies on a regulatory decision to raise tariffs.

BHARAT HEAVY ELECTRICALS LTD (BHEL) – Shares of BHEL fell 7 percent to end at 176.40 rupees in the week ending June 14, making it one of the worst performers in the 30-share Sensex. The stock has lost a little over 11 percent this month and is trading near its one-year low.

Analysts are not very optimistic about the stock. Of the 49 analysts covering BHEL, 28 had a ‘sell’ or an equivalent rating, while 13 had a ‘hold’.

STERLITE INDUSTRIES: India’s largest diversified metals and mining company ended the week with losses of 6.8 percent after hitting its 52-week low on June 13. The shares, which hit a one-year high of 123.35 rupees on Jan 3, are down more than 30 percent since.

Sterlite, a unit of Vedanta, has had its own set of problems in recent months, with its Tuticorin copper smelter shut since end-March on environmental concerns. While the legal battle continues in the Supreme Court, the company has got permission to reopen the plant and the court has said it can operate until at least the second week of July.

TATA STEEL: The company’s stock touched a 52-week low this week and ended at 274.15 rupees after losing 6.1 percent. The shares are way off their one-year high of 454.90 rupees hit on July 4, 2012.

The company, which posted its third straight quarterly loss on May 23, has been struggling with its European operations. Two-thirds of Tata Steel’s 27-million tonne annual capacity is in Europe, where demand has fallen by almost a third since 2007.

GAINERS: Top gainers of the week – Reliance Industries, one of India’s top listed firms, gained 3.7 percent to be the best Sensex performer. NTPC, up 2.43 percent, was the second best. Stocks such as L&T, Hindalco and Cipla also made it to the list.

(You can follow Ankush on Twitter at @ankush_patrakar and Aditya at @adityayk)

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