Top 5 Largecap gainers and losers this week!

Union Bank Of India

Shares of Union Bank of India (Union Bank) hit a 52-week high at Rs 51.70 this week on Thursday and has rallied 12.95% so far this week on improved business outlook, despite weakness in the broader market. Supported by the regular capital infusion made by the Government of India (GoI), equity raised via qualified institutional placements (QIP) and improved accruals. Union Bank’s capital ratios have improved, as reflected in tier 1 and overall capital to risk-weighted adequacy ratio (CRAR) of 11.1% and 13.3%, respectively, as of June 30, 2021, as against 9.5% and 11.6%, respectively, as on June 30, 2020. Furthermore, Moody's Investors Service earlier this month raised the rating outlook for nine banks including Union Bank to stable from negative with stabilization in asset quality and improved capital being the main drivers of this rating action.

Adani Power

As of Thursday, 21, October 2021, Adani Power was among the top performers this week rallying 10.04%. The company continued its rally from last week triggered by the government invoking provisions under National Tariff Policy to enable imported coal-based power projects to sell electricity on the exchanges to cool prices in the spot market. The news brought about a rally in the stock price of Adani Power and Tata Power which could begin generation in some units of their imported coal-based projects in Gujarat as they have imported coal stocks. Both the companies subsequently agreed to supply power to Gujarat Urja Vikas Nigam Ltd (GUVNL), the state-owned electricity company for a higher variable tariff of Rs 4.5 per unit on a short term basis. The country is staring at a power crisis with a large number of thermal power plants across the country being shut down or working at lower capacities due to coal supply problems.

Larsen & Toubro Infotech

Shares of Larsen & Toubro Infotech zoomed 9.07% this week after solid quarterly results in a not-so-seasonally strong September quarter. L&T Infotech said the demand trend continues to be robust and the best ever seen by the company. It is confident of comfortably crossing the revenue milestone of USD 2 billion in FY22. In Q2FY22, the IT company reported a 20.8% increase in consolidated net profit to Rs 551.7 crore for the quarter ended September. This is against a net profit of Rs 456.8 crore in the same period a year ago. On a sequential basis, the net profit was up 11.1% while the top line rose 8.8%.