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During the week ending March 28, India’s key market benchmarks, namely the S&P BSE Sensex and Nifty 50, experienced gains of 1.1 percent and 1.0 percent, respectively. With the exception of BSE IT (-0.5 percent) and BSE Teck (-0.6 percent), all sectoral indices concluded the week in positive territory, with notable performances observed in BSE Capital Goods (3.8 percent), BSE Realty (2.9 percent), and BSE Power (2.5 percent).
While broader market sentiment propelled many stocks upwards last week, a select few companies within the BSE 500 index exhibited strong performance supported by positive fundamental news. Among these outperformers, VIP Industries, Kalyan Jewellers, and Latent View Analytics emerged as the top three gainers.
VIP Industries
The stock of VIP Industries surged 14 per cent during the last week driven by target price increase by few brokerage firms.
The company is a leading manufacturers and suppliers of luggage, backpacks, and handbags and has been the market leader in the organised luggage segment. The Company has a range of leading brands, positioned across the entire price range, catering to value (Aristocrat), mid (VIP, Skybags), and premium (Carlton, Caprese) price points.
The brokerage house Prabhudas Lilladher has raised the target price of the company from ₹589 to ₹603 on expectations of market share gain and EBITDA margin improvement. Similarly, Centrum Broking revised their ratings from ‘Add’ to ‘Buy’ expecting the next stage of growth hinging on innovation across all segments, premium new product development, supply chain optimization, and omnichannel and e-commerce expansion.
The stock is currently trading at a trailing P/E of 48.8 times.
Kalyan Jewellers
The shares of Kalyan Jewellers jumped by 11 per cent last week led by an upward rating revision by a credit rating agency.
The Company is engaged in design, manufacture, and selling a wide range of gold, studded and other jewellery products across various price points ranging from jewellery for special occasions, such as weddings to daily-wear jewellery.
During the previous week, India Ratings & Research, a Fitch group company, upgraded Kalyan Jewellers’s long-term and short-term debt ratings to from ‘A/A1’ to ‘A+/A1+’ on account of significant improvement in the consolidated operating performance and credit metrics in 9MFY24. The rating agency expects that the management plans of divestment of non-core assets and conversion of certain company-owned showrooms to franchises, will contribute to the improvement in leverage levels.
The stock is currently trading at a trailing P/E of 101.9 times.
Latent View Analytics
The shares of Chennai-based digital analytics consulting and solutions firm, Latent View Analytics witnessed a 9 per cent during the previous week on account of acquisition of Decision Point Analytics.
The company is engaged in offering business intelligence and digital solutions to help clients combine data and drive digital transformation. They serve various industries with services like AI-powered analytics and consulting.
In a press release this week, the company announced that it will acquire 70 per cent of Decision Point for $39.1 million. This acquisition is expected to bolster LatentView’s existing expertise in data engineering, data science, and data visualization, as well as consulting and advisory services for analytics and GenAI readiness.
The stock is currently trading at a trailing P/E of 65.9 times.
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