Markets closed over 1% higher for the week on key indices; Here are top three gainers and losers of the week

The domestic equity indices wrapped up the week on a positive trajectory. For the week ending Friday, August 23, 2024, all five trading days saw the benchmarks close in the green, helping to partially recover the losses from the first week of August. Both the Nifty Mid-Cap and Nifty Small-Cap indices posted gains as well. Notably, the Nifty surpassed the 24,800 threshold, closing above this level.

Over the week, the Sensex increased by 649.37 points or 0.81%, finishing at 81,086.21 level. The Nifty 50 index jumped by 282 points or 1.15%, ending at 24,823.15. The Nifty Mid-Cap index zoomed by 1.56% to 58,555, and the Nifty Small-Cap index soared by 3.48% to 19,079.25.

The India Services PMI Business Activity Index slightly increased to 60.4 in August from 60.3 in July. The Flash India Manufacturing PMI Output Index went down to 60.9 from 61.7, and the Flash India Manufacturing PMI also dropped to 57.9 from 58.1. The India Composite PMI Output Index, which includes both manufacturing and services, decreased to 60.5 from 60.7. The HSBC Flash India Services PMI remained steady at 60.4 in August, compared to 60.3 in July.

Top 3 Weekly Gainers (NIFTY500)

PCBL Ltd

Inox Wind Ltd is currently trading at ₹498.8, showing a notable increase of 29% in the last week. The total trading volume for the week stands at 5.23 crore shares on the NSE. The stock is trading near its all-time high and has made a sharp move in the last four weeks.

The company stated that the global situation is supporting the growth of India's rubber black industry. Environmental concerns and high input costs have affected carbon black production in China, reducing their exports. This has led India to become a key exporter to the EU and North America. PCBL mentioned that Indian carbon black producers are ready to meet the EU's supply needs and see many opportunities in water treatment, detergent, and oil and gas products. To grow, PCBL will focus on efficient manufacturing, a global supply chain, a diverse product range, research and development, capacity expansion, digitalisation, and sustainability.

Minda Corporation Ltd

Minda Corporation’s growth may be driven by new order wins and other tailwinds. The automotive components manufacturer has entered a joint venture with Taiwan's HSIN Chong Machinery Works to manufacture sunroofs and closure systems for automobiles.

According to management, the Indian company is in the final stages of some key order wins - sunroofs and power tailgates from original equipment manufacturers. Other tailwinds are increasing kit value per vehicle and its focus on electric vehicles.

Godfrey Phillips India Ltd

In the Q1FY25 results the revenue of the company stands at ₹1,440.81 crore in June 2024 up 37.68% from ₹1,046.48 crore in June 2023. Quarterly Net Profit at ₹228.56 crore in June 2024 down 10.17% from ₹254.45 crore in June 2023.

Glass Lewis issued an alert to shareholders of Godfrey Phillips India regarding a vote to remove Samir Kumar Modi from the board at the upcoming annual general meeting, citing misconduct but providing no public details. The alert also raised concerns about the independence of the nomination committee due to repeated removals of directors.

Top 3 Losers (NIFTY500)

Mazagon Dock Shipbuilders Ltd

The stock is down because of concerns about its valuation and future margins, which has likely influenced investor sentiment this week. Despite the three-session drop, the stock is still up 90% YTD basis.

Garden Reach Shipbuilders & Engineers Ltd

The stock might be down due to several factors, including the brokerage firm’s view that the growth potential is already priced in, which implies limited upside. Market participants may also be concerned about the company's ability to secure new contracts or manage costs effectively, potentially impacting future profitability. Additionally, any broader market conditions or sector-specific challenges could contribute to the decline in stock price.

Hindustan Zinc Ltd

The sharp decline in Hindustan Zinc share price was triggered by an announcement by the company's promoter, Vedanta, on 14 August 2024. The company announced it would sell more equity than initially planned through an offer for sale (OFS). Vedanta, which holds a 64.9% stake in Hindustan Zinc, announced on Wednesday that it will now sell 13.37 crore shares of its subsidiary. This amounts to 3.2% of the total equity, up from the previous plan of selling 11 crore shares or 2.6% of the total equity.