Last week, bellweather indices Nifty 50 and Sensex rose by around 0.3 per cent. Sectoral indices such as BSE Realty (1.48 per cent), BSE Power (1.43 per cent) and BSE Healthcare (0.83 per cent) gained the most while BSE FMCG (-0.3 per cent), BSE Capital Goods (-0.3 per cent) and BSE IT (-0.3 per cent) were tepid during the week.
In this column, we spotlight the three best-performing stocks every week. Last week, the three stocks that gained the most in the BSE 500 linked to some fundamental news were Latent View Analytics, Sterling and Wilson Renewable, and CG Power.
Latent View Analytics
The stock of Latent View Analytics jumped nearly 13 per cent last week driven by its September ending quarterly results.
Latent View operates as a digital analytics firm. The company helps organizations interpret data accumulated from sources such as business operations, social interactions and sensors by using the power of big data through business analytics and data insights. Through its services it enables clients to increase revenue generation opportunities, improve efficiency, reduce costs and increase competitiveness. During Q2FY24, the company reported nearly 18 per cent growth in its revenue reaching ₹172 crore. Although operating profit grew only by 0.8 per cent, sentiment was positive on the strong revenue growth.
The stock is trading at a trailing P/E of 62.65 times.
Sterling and Wilson Renewable
The stock of Sterling and Wilson Renewable shot up by around 13 per cent during the last week led by order wins.
The company provides EPC services for utility-scale solar, floating solar and hybrid & energy storage solutions. Reliance New Energy - a subsidiary of Reliance Industries, owns a 40 per cent stake in Sterling and Wilson.
A joint venture of Sterling and Wilson i.e. Sun Africa LLC has secured an order worth $2.2 billion from the Nigerian government for developing 961 MWp of solar PV generation infrastructure along with 455 MWh of battery energy storage. Further, as per the Nigerian Power Minister, Citi and US-EXIM Bank shall support the project by committing around $10 billion.
The stock is trading at a trailing P/B of 5.63 times.
CG Power and Industrial Solutions Ltd
The stock of CG Power and Industrial Solutions gained around 10 per cent during the last week driven by the buzz around its foray into semiconductor business.
The company designs, manufactures and sells electrical products and services in utilities, energy generation and industrial sectors.
The company has filed an application with Ministry of Electronics and Information Technology seeking approval for setting up an Outsourced Semiconductor Assembly and Test (OSAT) facility along with subsidy for the same.
The stock is trading at a trailing P/E of 63.6 times.