There was a lot of volatility in the stock market last week. However, at the end of the week, the market managed to close with gains. On Monday, there was a tremendous rise in the market due to the news of the merger of HDFC with HDFC Bank.
Then, the market sentiment remained weak for three days. The reason for this was the Ukraine Crisis and the aggressive attitude of the US central bank Federal Reserve. On Friday, the mood of the market remained good as the RBI did not increase the interest rate. We are telling you about such stocks, which showed the most action last week.
Bharat Dynamics
The stock jumped 26 per cent. The reason for this is that the government has announced to increase the local purchasing of manufactured products. Defense Minister Rajnath Singh on Thursday released the third list of 101 equipment and platforms. These will be bought only in the domestic market. These include utility helicopters, light tanks, small unmanned aerial vehicles for the Navy. Bharat Dynamics will directly benefit from this.
Read also: Foreign investors started buying again in the Indian stock market, know how much they invested in April
Tejas Networks
The stock price rose 25 per cent last week. The Tata Group company said it will buy 64.40 per cent stake in wireless solutions company Saankhya Labs. This deal will be for Rs 283.94 crore. The acquisition of the company’s shares is expected to be completed in the next 90 days. After getting all the approvals, Tejas will also try to buy the remaining 35.60 per cent stake.
Zee Entertainment
The stock fell 4 per cent last week. Segantil India Mauritius and Morgan Stanley have bought 2.09 per cent stake in Zee Entertainment. The purchase took place on April 7 through an open offer. Meanwhile, Invesco Oppenheimer Developing Markets Fund has sold 7.74 per cent stake in Zee Entertainment. This sale took place at an average price of Rs 281.46.
RBL Bank
The stock fell 6 per cent last week. Singapore-based Integrated Core Strategies Asia sold 34,30,700 shares of RBL. These shares were sold at an average price of Rs 139.07. Morgan Stanley has predicted weakness in the stock of RBL. He has given a target price of Rs 140 for this share.
Future Retail
The stock slipped 7 per cent last week. According to the report of CNBC-TV18, Fitch Ratings has given its long term issuer default rating as RD. The RD rating indicates an uncorrected default in meeting the repayment obligation. Most of its onshore debt was restructured. This restructuring took place under the One Time Restructuring Framework of August 2020 of RBI.