The Indian equity benchmarks closed in green on June 7, Sensex was up 0.56 percent at 63,142.96, and the Nifty was up 0.68 percent at 18,726.40. About 2214 shares advanced, 1244 shares declined, and 124 shares remained unchanged.
2/11
Britannia Industries Ltd. | CMP Rs 4893.15 | Shares of Britannia Industries Ltd on June 7 hit a fresh record high of Rs 4867.05 on BSE, with the stock rising for the fourth straight session as it tracked gains in the broader market. Since March 28, Britannia, which has gained nearly 5 percent in the past four days, has risen more than 16 percent. Britannia reported a 47.53 percent year on year rise in consolidated net profit to Rs 557.60 crore for the fourth quarter of FY23, helped by gains from distribution expansion, cost management and softening commodity prices.
3/11
Adani Power Ltd. | CMP Rs 274.85 | Shares of Adani Power jumped up to 4 percent in the morning trade on June 7 after the BSE increased the circuit limits for four firms of the Indian conglomerate. The exchange on June 6 announced a revision in circuit limits for 477 stocks, with Adani Power’s circuit limit now increased to 20 percent from 5 percent. The stock of Adani Power has soared over 100 percent from its 52-week low of Rs 132.55 reached in February.
4/11
Torrent Power Ltd. | CMP Rs 687.75 | Torrent Power share price rose 9 percent on June 7 as the company signed an MoU with the Maharashtra government for three pumped storage hydro projects of 5,700 MW capacity in Maharashtra. The Rs 27000 crore projects would provide employment to approximately 13,500 people during the construction period of 5 years.
Suzlon Energy Ltd. | CMP Rs 14.45 | Shares of Suzlon Energy jumped 14 percent on June 7, extending gains for the third session. Sentiment for the stock has been running high, especially after positive earnings results and new large orders. The company recently announced that 20 gigawatts (GW) of wind energy installations were accomplished through the deployment of 12,647 wind turbines across 17 countries with orders of 1,542 megawatts secured.
6/11
Insecticides India Ltd. | CMP Rs 461.60 | Shares of Insecticides India rose over 3 percent in early trade on June 7 after the government granted a patent to the company for Substituted Pyrazole Derivatives, and Insecticides and Pesticides. In Q4, the agrochemical firm reported a consolidated loss of Rs 29.3 crore as against a net profit of Rs 22.30 crore in the same period during the previous fiscal. Revenue, however, grew 8.6 percent on year to Rs 302 crore as compared to the corresponding period of the previous year.
7/11
Engineers India Ltd. | CMP Rs 113.30 | Engineers India share price increased 4 percent in early trade on June 7 as the company bagged an orders from NALCO and JSPL. NALCO selected Engineers India (EIL) for updating the DPR of Pottangi Bauxite mines to enhance raw-ore production. The contract is valued at Rs 5.05 crore and will be completed in 10 months. JSPL and EIL signed a contract for basic and detail engineering of a direct reduced iron plant in Angul, Orissa, worth Rs 15.50 crore, to be completed in 20 months.
8/11
IFB Industries Ltd. | CMP Rs 816.90 | Shares of IFB Industries jumped 5.5 percent in early trade on June 7, a day after Europe-based financial services group Societe Generale bought 3 lakh shares or a 0.74 percent stake in the company. The shares were bought at an average price of Rs 800 apiece through open market transactions on June 6. Trading volumes were also strong as two lakh shares changed hands on the exchanges, as against the one-month daily traded average of 73,000 shares. The company also reported an 11.84 percent jump in revenue to Rs 994 crore during the fourth quarter. Net loss also narrowed to Rs 7.55 crore in Q4, down from Rs 28.52 crore in the corresponding quarter of the previous fiscal.
Loyal Equipments Ltd. | CMP Rs 121.10| Shares of Loyal Equipments Ltd jumped 5 percent in early trade on June 7 after the company said it had bagged an order for Rs 11.36 crore from Numaligarh Refinery Limited to supply shell and tube heat exchangers. Loyal’s March quarter revenues were up 14.49 percent year-on-year to Rs 17.38 crore. Net profit for the quarter stood at Rs 3.5 crore, compared to a loss of Rs 1.75 crore for the same period last year. The stock has given a return of 133.98 percent over the last 6 months.
10/11
TeamLease Services Ltd. | CMP Rs 2215.45 | Shares of TeamLease Services Ltd jumped over 4 percent after brokerage firm Motilal Oswal Securities has upgraded the stock and increased its target price to Rs 2890. The upgrade came amid factors such as easing inflation, an expected increase in specialised staffing, and the presence of structural tailwinds. Motilal expects TeamLease to deliver a strong 17 percent revenue CAGR over FY23-25.
11/11
Can Fin Homes Ltd. | CMP Rs 749.45 | Shares of Can Fin Homes Ltd. increased beyond 4 percent on June 7 after Jefferies retained buy rating for the stock and increased its target price to Rs 850 a share, up 19 percent from its current market price. The increase in target price on the expectations of scope for positive net interest margin, easing overhang related to management transition and lower cost of equity (CoE).
