Till the afternoon on Friday, the Nifty 50 has increased by 166.30 points or 0.98% at 17,096 while the BSE Sensex jumped by 514.07 points or 0.90% to be at 57,372.
As the markets are going up, here are three stocks which have gained more than 8% within the first half of the trading session.
GMM Pfaudler Limited
The shares of GMM Pfaudler Ltd have gained more than 17% till 12:30 pm on Friday and were trading at Rs 1,572 levels. Before the rally, the stock had added approximately 10% in a month. The stock reached its 52-week high o Rs 1,765 in February this year. It is currently trading at a discount of 8% from its high.
The increase is mainly driven by the robust results reported by the company. In Q1FY23, its total income stood of Rs. 767.73 crores as against Rs 551 crores which it earned a year prior in the same period.
Its net profit in the June quarter of 2022 stood at Rs 61 Crores as against a loss of Rs 18 Crores which it incurred in the same period a year ago.
GMM Pfaudler is the largest manufacturer of glass-lined equipment in India. The products of the company serve the chemical, pharmaceutical, food and energy industry. It is also counted as one of the global leaders in corrosion-resistant technologies, systems, and services.
SBI Life Insurance Company Limited
The shares of SBI Life Insurance Company Ltd gained more than 3% in the early trading session on Friday and reached their 52-week high of Rs 1,304. Till 12.30 pm the stock has added 8% and was trading at Rs 1,294 levels. In a month, it has scaled by 21%.
The stock is spiralling after the company reported its quarterly result. SBI Life earned a total revenue of Rs 4806 Crores in the June quarter of 2022 as compared to Rs 16004 Crores which it earned a year ago.
Is net profit grew 18% year-on-year (YoY) to Rs 263 crore in the April–June quarter against Rs 223 crores which it earned in Q1FY22. The rise in this quarter was majorly aided by a healthy jump in gross written premium.
SBI Life Insurance is a joint venture between the State Bank of India and BNP Paribas Cardif. It is engaged in the business of life insurance and annuity.
Westlife Development Limited
The shares of Westlife Development Ltd have gained more than 8% till 12:30 pm on Friday and were trading at Rs 574 levels. Before the rally, the stock had added approximately 10%
in a month. The stock reached its 52-week high o Rs 629 in November last year. It is currently trading at a discount of 5% from its high.
The company reported total revenue of Rs 537 Crores in Q1FY23 up from Rs 259 Crores which it earned in Q1FY22. In the period, it reported a net profit of Rs 23 Crores as against a loss of Rs 33 crores which it incurred in the year prior.
Westlife Development Limited is an Indian fast food restaurant holding company. Its wholly owned subsidiary Hardcastle Restaurants Pvt. Ltd. holds the master franchise for McDonald’s in western India and South India.
Written by – Anoushka Roy
Disclaimer
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