After a four-week gaining streak, Indian bellwether indices BSE Sensex and Nifty ended last week with a mild drop of 0.8 and 0.5 per cent, respectively, amid anticipated rate hikes by the US Fed.
It was a mixed bag regarding the performance of the sectoral indices during the last week. BSE Power (6.4 per cent), BSE Realty (5.1 per cent), and BSE Healthcare (3.9 per cent) were the top-performing indices, while BSE Oil and Gas (-1.5 per cent), BSE FMCG (-1.4 per cent) and BSE Bankex (-0.8 per cent) ended red during the week.
Among the BSE 500 stocks, the top three gainers were Godfrey Phillips (27 per cent), Jyothy Labs (26.3 per cent) and REC (20 per cent), with fundamental news driving these shares. Tata Motors DVR (17.8 per cent), following the share restructuring announced by the company in favour of DVR shareholders and Engineers India (14.4 per cent) were the other top gainers during the week.
The stock of tobacco products manufacturing company Godfrey Phillips shot up by around 27 per cent, driven by a single-day gain of around 14 per cent on July 26 in reaction to its Q1 results announcement.
The company reported a growth of around 26 per cent in its Q1FY24 revenue on a y-o-y basis reaching ₹2,623 crore while its net profit jumped around 79 per cent during the period to ₹254 crore. The EBITDA margin expanded from around 9.2 per cent to 9.6 per cent.
The stock is trading at a trailing P/E of around 15.6 times.
The stock of FMCG company Jyothy Labs surged by nearly 26 per cent during the week, mainly driven by its Q1FY24 results announcement.
The company reported around 15 per cent growth in its net sales y-o-y during the quarter, while its net profit doubled to ₹96 crore. This has resulted from moderating input costs and the company’s cost optimization programs.
The stock is trading at a trailing P/E of around 47 times.
The stock of state-owned power finance-based company REC Ltd gained about 20 per cent last week. This, too, has been on account of strong Q1FY24 results.
The company reported a 21 per cent increase in net profit at Rs 2,968.05 crore for Q1, backed by higher revenues recorded at Rs 11,091.77 crore, up from Rs 9,506.06 crore in the same period a year ago. As on June ending quarter, the company stands at a comfortable capital adequacy ratio of around 27.6 per cent.
The stock trades at a P/B of 0.86 times.