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In a flat week for the market, the BSE Sensex and NSE Nifty ended the week up marginally. Fears increased as 10-year government bond yields reached three-year highs on anticipation of the RBI's increasing efforts to tame inflation by enhancing interest rates. The broader BSE 500 ended the week flat.
Aurobindo Pharma was among the top losing scrips of the week, shedding 14 per cent following reports that one of its manufacturing sites was under the scrutiny of the US FDA. However, the company also got the nod to market two new antibiotics in the US. Reports suggesting Piramal Healthcare's planned foray into financial services was not received well by the market either and the stock ended 4 per cent lower.
Tata Global Beverages' weak set of results and the exit of its CEO sent the shares lower by nine per cent. Weaker-than-expected volumes and margin pressure from rising input cost prices were attributed as causes for the beverage major's sub-par performance.
Concerns over margin pressure and peaking of automotive sales volumes took their toll on the stock of Tata Motors which dropped by just under 7 per cent. The markets main concerns included slowing domestic sales, weakness in international markets (JLR products) and rising input costs.
A freak-deal which occurred at 20 per cent discount to the previous day's closing price in the scrip of PTC India spooked markets into eventually hammering the stock down by 6.2 per cent. Capital goods producer, BHEL , was down by 6.7 per cent as markets remain wary on the prospects of FPO (divestment) pricing being at a discount to current market levels.
Among the top gainers of the week was Educomp Solutions whose shares were up 13 per cent . Keeping the buzz alive around the scrip was the news of a tie-up with the India Today group to start a set of schools. Mid-cap IT major Mphasis gained 12 per cent over the week as the company posted a set of second quarter results which were largely in line with expectations.
DTH service provider Dish TV was among the notable gainers of the week adding 12 per cent to its stock price as the company bolstered EBIDTA margins by boosting key metrics such as revenue per user.
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