Market Movers: Vodafone Idea plummets; YES Bank, SpiceJet gain; 29 stocks ‘overbought’

NEW DELHI: Supreme Court’s order for telcos to deposit their AGR dues by March 17 put questions on sustainability of debt-ridden Vodafone Idea. Shares of the company tanked 23 per cent following the order.

Pharma major Pfizer also tumbled nearly 9 per cent despite the company reporting a jump in profit. Meanwhile, SpiceJet and YES Bank ended 7 and 5 per cent higher, respectively.

BSE flagship Sensex closed 0.49 per cent or 202 points lower at 41,258, while NSE barometer Nifty shed 0.50 per cent or 61.20 points to close at 12,113.45.

“Supreme court ruling on telecom players will impact the asset quality of banks having decent exposure to the sector. Bank stocks will be under pressure given high inflation and RBI unlikely to cut rates in the near term,” said Vinod Nair, Head of Research at Geojit Financial Services.

Here is a lowdown of the movers and shakers of Friday’s session on Dalal Street.

Voda Idea tanks 23 per cent
Vodafone Idea, which is staring at a statutory dues of about Rs 53,000 crore, tanked 23.21 per cent to Rs 3.48 after the company along with other telcos was asked to pay dues by March 17. The company also postponed its post-earnings conference call with analysts, which was earlier scheduled for Friday.

Pfizer tumbles
Pfizer reported a 5.39 per cent rise in profit at Rs 139.06 crore for the quarter ended December 31, 2019. Shares of the company, however, slumped 8.50 per cent to Rs 4,200.

SpiceJet profit at Rs 73 crore
Budget carrier SpiceJet posted a profit of Rs 73.2 crore for the three months ended December 31. Shares of the company jumped 7.44 per cent to Rs 91.

GVK Power loss shrinks
GVK Power and Infrastructure reported a loss of Rs 96 crore against Rs 101 crore last fiscal. Shares of the company nudged 2.23 per cent higher to Rs 4.12.

Manappuram to raise Rs 1,150 crore
Manappuram Finance said it has received approval from the board of directors for raising up to Rs 1,150 crore through issuance of debentures. Shares of the firm fell 2.10 per cent to Rs 160.70.

JM Financial to raise Rs 850 crore
JM Financial said it has received shareholders approval to raise up to Rs 850 crore through issuance of securities. Shares of the company fell 1.22 per cent to Rs 113.70.

Gammon Infra loss widens
Gammon Infrastructure Projects reported widening of its loss to Rs 51.24 crore for the quarter ended December 31. Shares closed unchanged at Rs 0.33.

Uflex gains on good Q3 show
Shares of Uflex rose 0.75 per cent to Rs 228.25 after the packaging company reported a 56.07 per cent jump in consolidated profit at Rs 84.81 crore for the December quarter.

Page Industries feels the heat
Shares of Page Industries cracked 4.7 per cent to Rs 22,422 after the company on Thursday posted 14.59 per cent year-on-year fall in profit at Rs 87.02 crore for the quarter ended December 31, mainly due to higher expenditure.

YES Bank zooms 5 per cent
YES Bank continued its rally for a second day on fundraising buzz as it jumped 4.57 per cent to Rs 38.90. The investors were also positive on its sale of Eveready Industries shares.

DMart trips as OFS opens
Shares of Avenue Supermarts fell 5.55 per cent to Rs 2,401.25 after the offer for sale by the firm opened for subscription. The company has set the floor price of the issue at Rs 2,049, much lower than the prevailing share price.

All sectors in red
All sectoral indices closed in the red on NSE. Nifty PSU Bank, whose constituents have huge exposure to telcos, was the biggest loser, down 2 per cent to 2,211. Nifty Realty, Nifty Bank, Nifty IT and Nifty Metal were among other big losers.

Banks pull Sensex lower
HDFC Bank was the biggest culprit in Sensex’ 200-point fall, as it bled 88 points, followed by ITC that shed 34 points. IndusInd Bank, SBI and Axis Bank together shed 83 points.

29 stocks ‘overbought’
Nearly 30 stocks turned ‘overbought’ on BSE as they crossed above 70-mark on the Relative Strength Index. They include RattanIndia Power, Bharti Airtel, Orient Electric, Eveready Industries, Granules India, Deepak Nitrite, Refex Industries and Shriram Transport Finance, among others.