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Last week, India’s benchmark indices, Sensex and Nifty 50, rose modestly, gaining 0.7 per cent and 0.8 per cent, respectively. This upward movement was primarily driven by positive performance in the information technology (IT) sector after TCS and Infosys released their quarterly results. Except for Metals (-0.2 per cent), Bankex (-0.9 per cent), and FMCG (-2 per cent), all sectoral indices ended green during the week with the best performing being BSE IT (5 per cent), BSE Realty (4 per cent), and BSE Teck (4 per cent).
While broader market sentiment propelled many stocks upwards last week, a select few companies within the BSE 500 index exhibited strong performance supported by some fundamental news. Among these, Infibeam Avenues, Macrotech Developers, and Solar Industries emerged as the top three gainers.
Infibeam Avenues
The stock of Infibeam Avenues surged 15 per cent during the last week led by signing MoU with the Gujarat government.
The company is engaged in business of software development services, maintenance, web development, payment gateway services, e-commerce, and other ancillary services. It provides a comprehensive suite of digital payment solutions and enterprise marketplace software platforms along with data centre services.
The company has signed an MoU with Gujarat government to invest up to ₹2,000 crore in its Artificial Intelligence (AI) Hub at GIFT City by FY 2030. The investments are meant for developing cutting-edge vision AI-technology for payments and platforms, specifically tailored for retailers, stated the company in its press release.
The stock is currently trading at a trailing P/E of 52 times.
Macrotech Developers
The shares of Macrotech Developers (previously Lodha Developers) jumped by 11 per cent last week driven by target price increase by brokerage house.
The company is engaged in developing residential and commercial properties in Mumbai, Thane, Hyderabad, Pune, and London.
The brokerage house Jefferies emphasises the positive implications of the Mumbai Trans Harbour Link opening for Macrotech Developers. They point to the developer’s sizeable land bank of over 4,300 acres on the city’s outskirts, which is expected to gain value due to enhanced connectivity.
The stock is currently trading at a trailing P/E of 239 times.
Solar Industries
The shares of Solar Industries witnessed a gain of 9 per cent during the previous week, on account of securing export orders.
The company is engaged in manufacturing of complete range of industrial explosives and explosive initiating devices. It has also forayed into manufacturing of ammunition for military applications.
In a filing to the exchanges this week, the company announced securing ₹994 crore in export orders for defence-related application, deliverable over the next three years.
The stock is currently trading at a trailing P/E of 87 times.
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