BSE500 in consolidation mode, but these 14 stocks rallied up to 44% this week

BSE500 in consolidation mode, but these 14 stocks rallied up to 44% this week

Synopsis

The truncated week saw the market consolidating with BSE500 edging 0.34 per cent up to 24,232. The benchmark indices managed to shrug off weakness in US stocks during the week.

Agencies

NEW DELHI: Even as the broader market consolidated this past week, at least 14 BSE500 stocks managed to deliver double-digit returns, with

leading the pack with 44 per cent gains.

The truncated week saw the market consolidating with BSE500 edging 0.34 per cent up to 24,232. The benchmark indices managed to shrug off weakness in US stocks during the week.

“Markets have been showing tremendous resilience amid tough global conditions. However, it would be hard to hold if the situation deteriorates further,” said Ajit Mishra, VP – Research,

Broking.

Tata Teleservices emerged as the top BSE500 gainer for the week, surging 43.63 per cent to Rs 134.80 from Rs 93.85 a week ago. These gains were seen despite the fact that the company has been loss-making for at least the last 15 quarters.

Recently, the stock was in the news when the company announced that it will be issuing shares to the government of India in lieu of interest on the deferred spectrum and AGR dues, Times Now noted. Factors like continuous liquidity support from parents, focus on the SME segment, media reports of potential collaboration with other Tata Group companies and transformation into a SaaS connectivity solution provider, are a few positives that could be working in favour of Tata Teleservices, Times NOW report suggested.

jumped 18.98 per cent for the week to Rs 899.30 from Rs 755.85 while EIH advanced 16.78 per cent to Rs 187.95 from Rs 160.95.

also gained 14.50 per cent to Rs 663.50 from Rs 579.50.

rose 13.45 per cent to Rs 380.50 from Rs 335.40. The company during the week said its 34th AGM will take place on September 29, 2022.

HLE Glascoat,

Kubota,

,

,

and Patanjali Foods climbed 12-13 per cent for the week. During the week, Escorts Kubota said its Agri Machinery Segment sold 6,111

tractors in August, registering a growth of 7.3 per cent over 5,693 tractors sold in August 2021.

In the case of Mazagon Dock Shipbuilders, this stock has been in the news ever since the company reported solid Q1 results. The company last month reported a 134 per cent year-on-year (YoY) rise in profit at Rs 217 crore for the June quarter on an 84 per cent YoY rise in revenue from operations at Rs 2,230 crore.

Patanjali Food gained for the week amid optimism over business prospects. Antique Securities initiated coverage on the stock this week with a target price of Rs 1,725 per share – indicating a potential upside of nearly 40-45 per cent.

KRBL, Vaibhav Global and

were a few other stocks that gained 10-12 per cent for the week.

Meanwhile, stocks such as

And Petrochemicals (down 9.58 per cent),

(down 7.9 per cent), Dr. Lal Pathlabs (down 7.7 per cent),

(down 6.8 per cent) and

(down 6.55 per cent) were the worst performers from the BSE500 index.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

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