valuations to gradually increase. We expect TCS to maintain its above-average growth rate and its premium” Bharti Airtel: The telecom firm was among the top five Sensex performers of the week after posting gains of 8.23 percent. India approved raising the foreign investment cap in the telecoms sector to 100 percent from 74 percent on July 16.
Analysts are optimistic about the Bharti stock, which has gained more than 13 percent this month. Data showed that 33 of 45 analysts covering that stock have a ‘buy’ or equivalent rating, while eight have a ‘hold’.
ONGC: Shares in the company rose 6.75 percent, taking its gains for the year to 18 percent. CLSA sees a 20 percent rise in ONGC share price on factors such as the continuing hikes in monthly diesel prices. However, it added that the government’s promise to limit the burden of its recent gas price hike has forced investors to worry over the possibility of a higher subsidy burden for companies such as ONGC.
ITC: This was another stock from the consumer goods space which did well during the week, ending 5.5 percent higher after hitting a record high on July 18. “We believe ITC‘s revenue growth will remain steady,” ICICI Securities, which has an ‘Add’ rating on the stock with a target price of 372 rupees, said in a research note on July 16. According to Thomson Reuters data, 30 of 40 analysts covering the stock have a ‘buy’ or equivalent rating. The stock has gained 28.6 percent in 2013 so far.
LOSERS: ICICI Bank, India’s largest private sector bank, was the top Sensex loser this week with losses of around 10 percent. Tata Steel lost 8.2 percent, while Sterlite and BHEL lost between 6 – 7.5 percent. HDFC was also among the top losers, ending down 5.45 percent.