The benchmark stock indexes Sensex and Nifty climbed on Tuesday despite market volatility. The Sensex gained 122 points, or 0.20 percent, while the NSE Nifty climbed 35 points, or 0.19 percent, to a five-month high, as the company’s strong quarterly profits propelled the indices higher.
Financials and FMCG stocks were trading in the green, while Nifty Bank reached a record high during the session.
Here are the 2 stocks that gained more than 9 percent in Tuesday’s trading.
ISGEC Heavy Engineering Ltd
ISGEC Heavy Engineering Ltd With a market capitalization of ₹ 4,329 crores, ISGEC Heavy Engineering Ltd. shares surged 9.5 % on Tuesday and closed at the price of ₹ 588.85 apiece from the previous close price of ₹534.50.
One of the probable reasons for the stock to hit a high price is the company’s recent announcement of impressive Q4 FY 22-23 earnings.
The company’s net profit increased by 138 % to Rs 93 crore in Q4FY23 from Rs 39 crore in Q4FY22. Further, revenue from operations increased by 28 % to Rs 2,042 crore from Rs 1,596 crore in the corresponding quarter last year.
ISGEC Heavy Engineering Ltd produces, is engaged in the manufacturing of heavy engineering equipment, and is involved in the construction and erection of boilers, sugar plants, and machinery. The company caters for domestic and international markets.
On a YoY comparison of the metrics, the revenues significantly improved from ₹5,499 crores during FY 21-22 to ₹6,399 crores in FY 22-23. The PAT numbers have shifted upwards within the same timeframe mentioned, from ₹ 114 crores to 205 crores.
The EBITDA margin broadened to 8.04% from 6.67% a year ago, as financial and raw material costs fell.
According to the latest data pertaining to the shareholding pattern, promoters of the company hold a 62.43 percent stake, and domestic institutional investors (DIIs) hold a 7.81 percent stake in the company for FY 22-23.
Eureka Forbes Ltd.
Eureka Forbes Ltd With a market capitalization of ₹ 8,765 crores, Eureka Forbes Ltd shares surged 13 % on Tuesday and closed at the price of ₹ 453.05 apiece from the previous close price of ₹ 398.
One of the probable reasons for the stock to hit a high price is the company’s recent announcement of impressive Q4 FY 22-23 earnings and announced 1.35 crore stock options for employees.
In Q4FY23, company PAT jumped 347 % to ₹ 20.58 crores as against ₹ 4.6 crores in Q4FY22. Revenue stood at ₹ 512 crore, up by 36% from ₹ 376 crore in Q4FY22.
Eureka Forbes is engaged in the manufacturing and distribution of water purifiers, vacuum cleaners, air purifiers, and home security systems.
On a YoY comparison of the metrics, the revenues significantly improved from ₹ 384 crores during FY 21-22 to ₹ 2,094 crores in FY 22-23. The PAT numbers have shifted upwards within the same timeframe mentioned, from ₹ 2.6 crores to 26 crores.
According to the latest data pertaining to the shareholding pattern, promoters of the company hold a 72.56 percent stake, and Foreign institutional investors (FIIs) hold a 10.94 percent stake in the company for FY 22-23.
Written by Omkar C
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