Top gainers and losers for the week as benchmark indices end positive on Friday

The domestic equity benchmarks concluded the week on a positive note, despite a global market downturn. For the week ending Friday, August 9, 2024, the benchmarks experienced declines on three of the five trading days, resulting in a second consecutive weekly drop. The Nifty Mid-Cap and Nifty Small-Cap indices also decreased. The Nifty closed below the 24,400 level.

Over the week, the Sensex decreased by 1,276.04 points or 1.58%, finishing at 79,705.91. The Nifty 50 index fell by 350.20 points or 1.42%, ending at 24,367.50. The Nifty Mid-Cap index dropped by 1.28% to 57,144.40, and the Nifty Small-Cap index fell by 2.08% to 18,410.20.

On the economic front, on August 8, 2024, the Reserve Bank of India kept the repo rate unchanged at 6.50%, the SDF rate at 6.25%, and the MSF rate at 6.75%. The GDP growth forecast for 2024-25 is 7.2%, with quarterly estimates of 7.1% for Q1, 7.2% for Q2, 7.3% for Q3, and 7.2% for Q4. CPI inflation is projected at 4.5% for 2024-25, with quarterly breakdowns of 4.4% in Q2, 4.7% in Q3, and 4.3% in Q4.

Top 3 Weekly Gainers (NIFTY500)

KFIN Technologies Ltd

The company announced its Q1 FY25 results, showing strong year-on-year growth: Revenue increased by 31%, EBITDA grew by 42%, and net profit rose by 57%. In the conference call, management acknowledged the typical Q1 slowdown but expressed confidence in upcoming quarters, with the expectation that EBITDA margins will remain in the 40% to 45% range

Jubilant Ingrevia Ltd

Jubilant Ingrevia is a life sciences products company and it has raised ₹10 crore through the issue and allotment of commercial papers in the last week of July 2024. The commercial papers carry a coupon rate of 7.25% per annum and are scheduled to mature on September 20, 2024. In recent filings, the 5th Annual General Meeting is scheduled to be held on Friday, August 30, 2024.

Cera Sanitaryware Ltd

The company has approved ₹130 crore share buyback at a 34% premium via a tender offer. The record date for the buyback has been fixed as August 16, 2024. Also, as per the exchange filings, Crisil affirmed its AA rating on Cera Sanitaryware's CERA long-term bank loans and A1+ rating on the company's long-term/short-term bank loans and commercial paper, totalling the loan amount of ₹100 crores. The rating outlook is stable.

Top 3 Losers (NIFTY500)

Lemon Tree Hotels Ltd

The company reported a 15.55% fall in consolidated net profit in Q1 FY25 compared to Q1 FY24. Revenue from operations jumped 19.52% year on year (YoY). During the quarter, Gross ARR (average revenue per room) rose 8.57% to ₹5,686, Occupancy rate fell to 66.6% from 70.2% in Q1 FY24. RevPAR (revenue per available room) increased 4% to ₹ 3,788 in Q1 FY25. The company has opened new hotels and resorts in Kanha, Somnath and Nashik, India.

Engineers India Ltd

The company posted a 34% year-on-year drop in Q1 consolidated net profit, revenue down 24%. This decline in profit is for the second consecutive quarter. Still, the company has announced ₹1 dividend per share, and the record date is August 21, 2024.

Steel Authority of India Ltd

Shares of Steel Authority of India fell much after the company reported a 61% drop in net profit for Q1FY25. Steel prices in India have dropped to their lowest level in over three years due to increased imports and lower exports; India is the world's second-largest crude steel producer, became a net importer in the fiscal year ending March 31, 2024, with finished steel imports reaching a five-year high in April-May. Higher imports from China and Vietnam, combined with Chinese steel in international markets, have made Indian exports less competitive, leading to lower domestic prices. This might impact the stock prices of steel manufacturing and related stocks.