It is raining profits on Dalal Street as the companies roll out strong Q1FY23 results. So far the June quarter results of most the companies are positive with some giving excellent figures. This has uplifted the market sentiment and translated into good returns for shareholders of the companies.
Bharat Forge
The shares of Bharat Forge Ltd., a leading large-cap forging company surged 8% on Friday on the back of strong standalone earnings. As of 12:30 IST, the stock was trading at ₹ 797 per share, up 11% in the last five days and more than 25% in one month.
Bharat Forge is a component manufacturer serving industries such as automotive, defence, power, construction & mining, aerospace, and more. On a standalone basis, it reported a 5.08% increase in revenues to ₹ 1,759 crores in the quarter ended June 2022 over the figure of ₹ 1,674 crores in March 2022. This was primarily led by better international operations.
The management expects to report higher earnings in the next quarter despite weak macroeconomic conditions.
Indraprastha Gas
Another stock that resulted in intra-day gains is Indraprastha Gas Limited. IGL shares peaked at ₹ 436.5 per share at 11:25 IST, rising more than 6.6% for the day. The trading volume of the company has been unusually high for the last three trading sessions from its 20-day moving average. It was highest on 11 August at 3.7 million shares or seven times the 20-day average.
New Delhi-headquartered company is into the business of city gas distribution in the National Capital Region of Delhi. It is jointly owned by GAIL and BPCL with the combined stake amounting to a 45% stake in the company.
The June 2022 quarter of IGL saw a massive increase of 32.75% in sales to ₹ 3,194 crores from ₹2,406 crores reported in March Q4FY22. Consequently, its profits also scaled sequentially, although at a smaller pace of 11% to ₹ 481 crores.
The company was expected to deliver strong results. Along these expectations, the stock price has grown 23% in the last 5 days.
HDFC Securities has given a buy call on the stock with a target price of ₹ 515. This results in an upside of 18% for the investors.
Written By – Vikalp Mishra
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