The Consumer electronic companies in India remain optimistic about the uptrend in demand and have ramped up their production to have higher inventory. To avoid any supply chain disruptions, the company has geared up the production of both components and finished product.
On the news, here are 3 stocks that have gained on Wednesday’s trading session:
Johnson Controls-Hitachi Air Conditioning India Ltd
The shares of the company opened at Rs 1,203.10 levels and gained as much as 8 percent in the early hours to reach an intra-day high of Rs 1,310.70 levels. In the past month, the stock has gained 16 percent however on a yearly basis, it has shed approximately 27 percent.
Johnson Controls-Hitachi Air Conditioning India Ltd is primarily engaged in the business of manufacturing, selling, and trading of air conditioners, refrigerators, chillers, and VRS systems.
In Q3FY23, the company reported a total revenue of Rs 518.26 Crore which declined from Rs 575.64 Crore on a YoY basis. Their net loss in the period stood at Rs 26.16 Crore against a profit of Rs 20.62 Crore in Q3FY22.
MIRC Electronics Ltd
MIRC Electronics, the company that owns brands like Onida and IGO, saw its shares gain more than 5 percent till the afternoon on Tuesday and were trading at Rs 14.60 levels. In a month, the stock has gained more than 10 percent and on a yearly basis, it has shed 34 percent.
The Company is engaged in the business of manufacturing and marketing electronics goods primarily under the brands Onida and IGO. It manufactures a wide range of consumer electronics that include air conditioners, refrigerators, washing machines, and ovens among others.
In Q3FY23, the company reported total revenue of Rs 271.47 Crore, a decrease from Rs 379.07 Crore, YoY. Their net loss for the quarter was Rs 2.56 crore, compared to a profit of Rs 2.65 crore in the December quarter of FY22.
Blue Star Ltd
The company saw its share open at Rs 1,411 levels and gain as much as 5 percent to reach a 52-week high of Rs 1,478 in the early hours. In the past six months, the stock has added 19 percent and in a year it has gained 37 percent.
Blue star limited, is the country’s second-largest homegrown player in the air conditioning space, also specialises in the manufacturing of commercial refrigeration and MEP (mechanical, electrical, plumbing, and firefighting).
In the period, their total revenue was at Rs 1,788.2 Crore, an increase from Rs 1,506.22 Crore. Their net profit in the period was at Rs 58.76 Crore which increased YoY from Rs 47.21 Crore.
Written by Anoushka Roy
