Soon, market participants realised that the news that caused the stock to tank violently was, in fact, a year old. In May last year, the small island had cancelled Hinduja Bank’s license citing violations of rules and governance issues.
While the news was disturbing back then, too, investors were able to digest it quickly and moving. Unfortunately, even as the news report, which was widely circulated on WhatsApp groups, found to be old, the stock ended over 2 per cent lower.
Titan’s good days are back
Back in March and April, the picture wasn’t pretty for one of Rakesh Jhunjhunwala’s favourite portfolio stocks. The economy was shutting down again and demand for jewellery was slumping as a nation grieved the second wave and the damage it caused. But as the situation of the Covid-19 front is showing signs of easing and states are drawing up plans to re-open these shutters, investors are back on the counter off one of the stocks that they love to over pay for.
Titan’s over 70 times one-year forward price-to-earnings ratio is no deterrent to investors with unlimited cash and insatiable appetite for returns. Splurge away, folks!
Higher they go, faster they fall
On Wednesday, Motherson Sumi’s investors are celebrating blockbuster March quarter earnings by the auto ancillary company. Today, they were running for cover as they were bruised by some violent profit booking on the counter.
The stock nosedived as several high profile brokerage firms had had enough of a rally on Wednesday and downgraded the stock. Nomura India, CLSA India and Jefferies India all downgraded the global auto ancillary major as they believe that investors have priced a picture perfect future for the company a tad too fast.
Adani Green is coming after D-Mart’s crown
The biggest companies by market capitalisation in India can easily be found in the Nifty50 index. However, Avenue Supermart for the longest time has held the crown of having the largest market capitalisation among the non-Nifty50 stocks. That crown is now increasingly under threat from a horse from the Adani Group stable.
Adani Green Energy’s market capitalisation today ended around Rs 2.01 lakh crore, which is just Rs 5,500 crore short of Avenue Supermarts’. Another good day in the office for the renewable energy stock and a lackluster one for the retail giant should be enough for the crown to change heads.
We bet Gautam Adani already has that champagne bottle on ice.
