In the past week, the Benchmark indices, Sensex and Nifty 50 gained 1.9 per cent each respectively . BSE Teck gained the most by 3.2 per cent followed by BSE Bankex 2.5 per cent and BSE IT 2.4 per cent. BSE Capital Goods, BSE Oil and Gas, BSE Power declined by around 1.2 per cent each.

However, during the week many stocks moved up without being backed by any news-flows or fundamentals. Markets were buoyed by positive sentiment. Among the BSE 500 stocks, ITI Ltd, SJVN Ltd, and UCO Bank were the top gainers with some fundamental news, although not all were significant to trigger the rally.

ITI Ltd.

The stock of ITI Ltd gained nearly 58 per cent in the past week with the highest single day gain of 20 per cent on September 13,2023. The main reason of the rally in the stock price can be attributed an announcement made by the company. The company has announced that it has been successful in developing its own branded laptop and micro-PC in the market that matches international quality and performance. The company has launched its products under the brand called “SMAASH”. ITI Limited has won many tenders competing against MNC brands like Acer, HP, Dell, and Lenovo. The two flagship products—the laptop and micro-PC have been designed in association with Intel Corporation, with which an MOU has been signed for design and manufacturing, the company said in its press release.

The trailing Price to book ratio of the company is 3.61 times and since the EPS of the company is negative PE cannot be calculated.

SJVN Ltd

The stock of SJVN Ltd. gained nearly 18 per cent in the past week with the highest single day gain of 20 per cent on September 11,2023. The company announced that it has through its wholly owned subsidiary SJVN Green Energy Limited (SGEL) inked a power purchase agreement (PPA) with Bhakra Beas Management Board (BBMB). This seems to be the major trigger for the positive sentiment in the stock, although a 20 per cent upside on this news alone appears an over reaction.

The trailing PE of the company is 21.78 times and the trailing price to book ratio of the company is 2.14.

UCO Bank

The stock of UCO Bank gained 15 per cent in the past week with the highest single day gain of 9.2 per cent on September 15,2023. The stock rallied after reports that the bank has made interest rate hikes. The Bank has hiked Marginal Cost of Fund-Based Lending Rate (MCLR) rates by 5 basis points across tenures with effect from September 9, 2023. Also, the lender has revised rates on Treasury Bill Linked Lending Rates (TBLR) which means that EMIs linked to MCLR and TBLR benchmarks will get costlier. The trailing PE of the Bank is 24.79 times and the trailing price to book ratio of the bank is 1.13 times.