Market Movers: Consumer stocks get some attention as hotels rally on hope
From quick-service restaurants to jewellery makers, from biscuit makers to premium motorcycle producers, investors showered some love on the stocks of these companies as states threw hints at an anticipating populace that they may let them out steadily from June.
Banks weren’t happy, though!
The smile on the faces of consumer-facing companies came at the cost of frowns on the long faces of banks, who were painted in the red. Well, at least, most of them were. The dealers said it was just plain ol’ profit booking, and they may be right, but we will feel the comments made by the largest private sector bank
at a Macquarie analysts’ call may have also played a role.
The bank told the analysts on the call that the delinquencies will rise in the June quarter, especially among retail loan accounts and those who sought restructuring last year. Just the kind of message traders with an itch to book profits needed.
Hotel stocks were an elated lot today after Bloomberg reported that the Finance Ministry is keeping itself busy with meetings with various industries that have been affected by the second wave of the infections apparently for some form of relief package. Shares of hotel companies jumped 4-12 per cent in the session hoping the finance minister will give the industry what it needs, instead of what she thinks they need.
A day to forget
’s investors will want to forget today’s session as soon as possible as their stock collapsed 6.3 per cent following a large stake sale by the battery maker Clarios. While the block deal was done at a discount of 5 per cent to Monday’s closing price, the stock decided to go one step further as investors weren’t happy with the partial exit of an important investor.
But that is life and tomorrow’s another day for Amara Raja’s investors and everyone else. Stay safe, while we go and find ourselves a vaccine slot.
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