Biggest gainers and losers: Ion Exchange rallies 20%; TeamLease falters, DHFL tanks

Benchmark equity indices ended sharply lower on Wednesday as investors booked profit amid concerns over overheating of certain pockets of the market. Nifty ended 0.7 per cent, or 104.8 points, lower at 15,635.4, while BSE Sensex closed at 51,941, down 333.9 points or 0.6 per cent.

But there was no dearth of action in the broader market. Ion Exchange shot up as much as 20 per cent, TeamLease 17 per cent while among the top losers DHFL tanked 10 per cent and Religare 8 per cent.

We took a look at the biggest movers and shakers of Wednesday’s session:

FIVE BIGGEST GAINERS

• Ion Exchange: Shares of the water treatment firm hit the upper circuit limit of 20 per cent at Rs 2,036.20 after the company reported a 149.64 per cent jump in March quarter net profit at Rs 70.15 crore.
• Teamlease Services: Shares of the staffing firm rallied 17 per cent, before ending the day 5 per cent higher at Rs 3,637. The company reported a consolidated net profit at Rs 19.6 crore for March quarter 2021 on the back of healthy operational performance.
• Railtel: The recently-listed PSU stock soared 10 per cent to Rs 152.50. The central government in a landmark decision on Wednesday approved the allocation of 5MHz 4G spectrum for the Railways and the company will be a key beneficiary of the same.
• Tata Power: The Tata Group stock jumped 7 per cent to Rs 124.65 after the utilities company’s proposed purchase of 51 per cent stake each in three power utilities in Odisha was been cleared by fair trade regulator CCI.
• Videocon: Shares of Videocon Industries hit the upper circuit limit after the National Company Law Tribunal (NCLT) on Tuesday approved the resolution plan of Twin Star Technologies. Twin Star Technologies is a Vedanta Group company, led by mining magnate Anil Agarwal, which is set to acquire the bankrupt Videocon Industries.

FIVE BIGGEST LOSERS

• DHFL: Shares of the bankrupt housing finance tanked 10 per cent to hit its lower circuit limit at Rs 20.60 after reports that shares of the company would be delisted from the stock exchanges post acquisition by Piramal Capital as per the IBC guidelines and Sebi delisting norms.
• Religare Enterprises: Shares of Religare Enterprises declined 8 per cent to Rs 134.90 after the company approved raising of funds to the tune of Rs 570 crore by through preferential allotment of equity shares at a heavy discount of 28 per cent.
• Petronet LNG: The state-owned oil marketing and distribution company reported an 11.6 per cent year-on-year (YoY) drop in consolidated revenue from operations at Rs 7,575 crore. The stock closed at Rs 228.55, down by 8 per cent.
• Central Bank of India & IOB: Shares of Central Bank of India and Indian Overseas Bank tanked 6 per cent each to Rs 21.65 and 20.55, respectively. Analysts raised red flags over the bid to privatise the state-owned lenders due to weak financial metrics. The two are under the PCA framework of RBI.
• Suven Pharma: The drugmaker slipped 5 per cent to Rs 471.35 after Q4 earnings. A sharp spike in raw material and inventory costs during the quarter impacted the margin.