Comments
Last week, India’s bell-weather indices Sensex and Nifty 50 continued their losing streak by falling around 1 per cent on account of lackluster corporate earnings from some IT and banking stocks, coupled with persistent selling pressure from Foreign Portfolio Investors (FPIs) due to rising US bond yields. The decline was broad-based across various sectoral indices, with only the BSE Power (1.5 per cent) and the BSE Healthcare (1 per cent) closing in the green. The BSE Realty index plunged the most, falling by 4.4 per cent during the week.
While many stocks moved up without being backed by any significant news flows or fundamentals, Amber Enterprises, Rites, and ACC were the top gainers driven by fundamental news within the BSE 500 index last week.
Amber Enterprises
The stock of Amber Enterprises surged 11 per cent during the week driven by the establishment of a new joint venture (JV) entity.
The company is engaged in the business of designing and manufacturing a wide range of products including room air conditioners (RAC), RAC & Non-RAC components, ventilation, and air conditioning (HVAC) solutions for mobility applications.
Sidwal Refrigeration Industries, a wholly-owned subsidiary of Amber, has entered into a strategic partnership with Titagarh Rail System, involving a joint investment of up to ₹240 crore in a special purpose vehicle (SPV) with equally shared control. This venture aims to establish a facility in India for manufacturing critical railway components and subsystems essential for railway and metro coaches.
The stock is currently trading at a trailing P/E of 88 times.
Rites
The shares of infrastructure consultancy and engineering firm, RITES jumped by 9 per cent on account of securing a major order from IIT Bhubaneswar.
The company is engaged in providing concept to commissioning services and integrated solutions in the transport and infrastructure sectors in India and overseas.
Rites has emerged as the top bidder for the construction of various infrastructure works at IIT- Bhubaneswar with an estimated project cost of ₹414 crore.
The stock is currently trading at a trailing P/E of 30 times.
ACC
The shares of cement maker ACC gained around 8 per cent on the back of robust Q3 results.
The company, a part of the diversified Adani group is engaged in manufacturing and selling of cement and ready-mixed concrete.
On a y-o-y basis, while the company’s revenue saw a growth of 7 per cent, the net profit surged substantially by 375 per cent during Q3FY24 on account of reduced costs and upswing in margins.
The stock is currently trading at a trailing P/E of 95 times.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.