In the past week the benchmark indices, Sensex and Nifty 50 declined 0.6 and 0.5 per cent respectively. BSE Consumer Durables gained the most by 2.3 per cent followed by BSE Metal 1.1 per cent, BSE Capital Goods and BSE IT gained 0.8 per cent each. BSE Bankex and BSE Realty declined 1.6 and 1.4 per cent.
Among the BSE 500 stocks, the top three gainers with fundamental news driving the shares were Gland Pharma, Indian Overseas Bank and Kalyan Jewellers.
The stock of Gland Pharma gained 22.75 per cent in the week ending August 11,2023. The highest single day gain of the stock was 20 per cent on August 8,2023. This rally was due to the Q1FY24 results which was announced post market hours on August 7,2023. The company reported a 41 per cent increase in the operating revenues YoY whereas the EBITDA grew 10 per cent YoY. The company had also acquired French pharmaceutical group Cenexi which seems to have helped the revenue growth, nearly 36 per cent of the revenue was from Cenexi. The stock price of the company had taken a hit in the previous quarter post the March 2023 quarter results. This fall was also due to some structural reasons such as liquidation of high inventory in US channels impacting sales pick-up and high interest costs.
The trailing PE of the company is 34.74 times and the trailing price to book ratio is 3.41 times.
Indian Overseas Bank
The stock of Indian Overseas bank gained 18.18 per cent in the week ending August 11,2023. The highest single day gain of the stock was 13 per cent on August 11,2023. The rally was driven by the news that CARE Ratings has given fresh ratings on the bank’s instruments. The bank got a CARE A1+ (A one plus) rating for its proposed certificate of deposits worth ₹10,000 crore.
The trailing PE of the company is 26.16 times whereas the price to book ratio of the company is 2.29 times.
The stock of Kalyan Jewellers gained 16.09 per cent in the week ending August 11,2023. The highest single day gain of the stock was on August 11,2023 when it gained nearly 12 per cent. The main trigger for this rally is its inclusion in the MSCI Inc.’s Global Small Cap Indexes. Kalyan jewellers will be part of this global index with effect from August 31,2023. The weight of the stock in the proforma index is said to be around 0.06 per cent.
The trailing PE of the company is 48.14 times whereas the trailing price to book ratio is 5.74 times.