Nifty 50 and BSE Sensex failed to keep the gaining streak of the last week and closed the week ending on May 19, 2023, at marginal losses of 0.61 and 0.48 per cent.
BSE Realty and BSE Teck were the gainers last week with 1.3 and 0.8 per cent gains, whereas BSE oil and gas and BSE power were the major losers which closed 2.1 per cent and 2.4 per cent down, respectively, compared to the week before.
Among BSE 500 stocks, CreditAccess Grameen .(18.16 per cent), Amber Enterprises India . (15.27 per cent), Restaurant Brands Asia . (12.73 per cent), Mishra Dhatu Nigam (11.71 per cent), Polyplex corporation (11.5 per cent) were the top gainers.
Out of these, fundamental news flow during the week was a catalyst for the upside for three of them mentioned here. There appears to be no significant news flow during the last week for the other two stocks.
The stock price of CreditAccess Grameen. saw a single-day growth of close to 11 per cent on May 17, 2023, a day after the announcement of its Q4FY23 results. The company posted a good set of financials which seems to have been welcomed by the street. The company posted around 29 per cent growth in revenue of Q3FY23 YoY to ₹ 1066.22 crore. The net profit of the company grew 82 per cent YoY in Q3FY23 to ₹ 296.55 crore. The company also achieved a net interest margin of 11.6 per cent in FY23, which is 70 basis points higher than in FY22.
The trailing PE of the company is 23.4x, while the price/book value is 3.8x.
Amber Enterprises India
Amber Enterprises India announced its fourth-quarter results of FY23 on May 16, 2023. The stock price of the company saw 15 per cent growth on May 17,2023, the next day of the results announcement. The company reported a 55 per cent growth in revenue during Q4FY23 YoY to ₹ 3003 crore, and the company also posted an operating EBITDA growth of 54 per cent in Q4FY23 to ₹ 204 crore. The Profit after Tax rose 82 per cent YoY to ₹ 108 crore in the same period.
The trailing PE of the company is 45x, whereas the trailing price/book value is 4.07x.
Restaurants Brand Asia
The stock of Restaurant Brands Asia Ltd rose 14 per cent on May 18, 2023, due to media reports stating a consortium of firms was looking to buy Everstone’s stake in the company. In a query regarding this matter by SEBI, the company replied that the said news item refers to certain shareholders of their ultimate holding company, i.e., F&B Asia Ventures Ltd. (Mauritius) and not to any actions by the Company.
The company has been reporting losses and negative EPS for the last few years. The price/book value of the company is 7.7x.