August has been a stable month for markets with the indices hitting fresh highs. The Nifty and the Sensex gained about 2% a piece and investors had many multibaggers and buzzing stocks to choose across sectors from infrastructure to tech. Let’s explore the top five stocks that garnered maximum searches on Google in the past week.
NBCC, Sugar stocks, IndiGo, Reliance Industries, and HCLTech were the top five stocks searched on Google this week.
NBCC
The NBCC stock has been a multibagger and it is in focus primarily on the back of bonus issuance. The board has approved bonus shares in a 1:2 ratio. This means that for every two full-paid-up equity shares, investors or existing shareholders would get one new fully-paid equity share. The record date for the same has been set for October 7. These bonus shares would be credited to investors on October 31. This particular bonus share issuance will be financed via free reserves (mainly profit) amounting to Rs 1959 crore. Of this, Rs 90 crore will be used from the reserves to facilitate this bonus issuance. The NBCC stock has been on the growth path. It is up around 3% in August and clocked more than 200% gains over 1 year.
NBCC was in the focus last week as its board approved bonus issue.
Reliance Industries
The Reliance Industries stock has been in focus after the key announcements at the AGM. It was the 47th AGM after the company got listed. While the street was waiting for an announcement on the timeline for the listing of Jio and the retail business, the RIL chairman concentrated mostly on the company’s big focus going forward- developing deep tech and AI capabilities. He however added that he expects Jio and the retail business revenue to double in 3-4 years. The board will be also considering a 1:1 bonus issue on September 5. The stock is up slightly less than 1% in August but over 1 year, it yielded a return of 26%.
Reliance Industries shares rose after the company approved a 1:1 bonus issue after seven years. (Image: Reuters)
Sugar Stocks
Sugar stocks rallied last week on the back of key policy changes. The Government has now removed the cap limiting the supply of sugarcane juice for ethanol supply. Sugar companies can now produce ethanol from sugar syrup or juice as well as B-heavy molasses as well as C-heavy molasses, as agreed with oil marketing companies. According to Govt data, ethanol blending has helped save over Rs 99,000 crore in foreign exchanges. Ethanol blending also brings down carbon emissions. The move as a result has been both business accretive as well as suitable for limiting emissions. The sugar stocks surged over 10% on the back of the news.
Sugar stocks shot up after the government removed the cap on ethanol production. (Image: Reuters)
IndiGo
The parent company of aviation major IndiGo, InterGlobe Aviation has been in focus after a block deal in which promoter Rakesh Gangwal and his family trust sold a 5.83 per cent stake for about Rs 10,500 crore. The total shares sold were 2.25 crore shares. The stock was also in the limelight after one of the IndiGo flights had to make an emergency landing at Kolkata. It has recently started operations from Sikkim’s Pakyong Airport. The stock price has been under pressure for a while but delivered 7% returns over the last 1 month. Its 1-year gains stand at 96.98%.
IndiGo shares were in focus last week after the company’s promoter and family trust sold its stake in a block deal. (Image: Reuters)
HCL Tech
The HCL Tech stock delivered significant returns and has hit new highs on expectation on improvement in the demand scenario. According to brokerage reports, its GTM strategy or go-to-market approach will help it get an edge over peers. As part of this strategy, it will combine the IT Services offerings along with ER&D. The improvement in BFSI demand improvement is also seen as a key criterion for the company to stay on the growth track. In August, the HCL Tech stock is up 10% while its full-year gains are around 54%.
HCL Technologies rose higher previous week after demand scenario in European and American markets improved. (Image: Reuters)
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