Domestic indices reached two-week highs on Thursday. At 1:30 pm, the Nifty 50 is up by 114 points to 17,388.75, while the Sensex is up by 425 points to 58,491.25. In Thursday's trading, as many as 15 stocks rose between 5 and 11%.
Sterlite Technologies
Shares of Sterlite Technologies surged over 11 percent after the company sold its stake in Impact Data Solutions, UK (IDS UK) to Hexatronic Group AB. The divestment of the company’s stake in IDS UK was completed on October 4, 2022, ET reported.
The stock opened at Rs. 169 against the previous close of Rs. 165.85 and was trading at Rs. 182.45 on NSE at 1:30 pm.
The stock hit a 52-week-high of Rs. 317.40 on December 13, 2021 and a 52-week-low of Rs. 128.60 on July 26, 2022, indicating that at the current level, the stock is trading almost 42 percent above its 52 week low.
The firm recorded a consolidated total income of ₹1,580.00 Crore for the quarter ended June 30, 2022, up 20.08 percent from the same quarter last year and down 2.05 percent from the previous quarter's total income of ₹1,613.09 Crore. In the most recent quarter, the company generated net profit after tax of ₹-24.00 Crore.
HEG and Graphite India
Shares of HEG and Graphite India raised nearly 10 percent and 6 percent respectively after a strong commentary by Graftech-world's largest producer of graphite electrodes. The company stated that steel industry decarbonization to aid electrode industry and the electrode demand to increase due to higher demand for electric arc furnace, Times Now reported.
Shares of HEG opened at Rs. 1074, with a marginal gain against the previous close of Rs. 1068.75 and and rose further, reaching a intraday high of ₹1,184 on the BSE. Conversely, the stock has been in a downtrend since the beginning of the year and lost almost 35 percent of its value to date.
The company reported a consolidated income for the quarter ending June 30, 2022, at Rs. 743.28 crore, up 7.65 percent from the previous quarter's total income of Rs. 690.46 crore and up 70.57 percent from the same period last year's total income of Rs. 435.75 crore. In the June quarter, the company achieved net profit after tax of ₹133.56 crore.
Similarly, shares of Graphite India opened at Rs. 365 against the previous close of Rs. 362.90 and was trading at Rs. 381.50 on NSE at 1:30 p.m.
The stock touched a 52-week-high of Rs. 634.35 on October 19, 2021 and a 52-week-low of Rs. 348.25 on September 28, 2022, indicating that at the current level, the stock is trading at just 11 percent percent above its 52-week low and 39 percent below its 52 week high.
For the quarter that ended on June 30, 2022, Graphite India reported a consolidated total income of Rs. 897.00 crore, up 30.38 percent from the same quarter last year and down 1.97 percent from the previous quarter's total income of Rs. 915 crore. In the most recent quarter, the company generated net profit after tax of ₹24 Crore.
Bharat Forge
Bharat Forge Ltd.'s stock rose more than 9% after reports of strong US class 8 orders surfaced. The stock opened at Rs. 724 against the previous close of Rs. 707.65 and rallied further to hit an intraday high of Rs. 772.
Additionally, the stock touched a 52-week-high of Rs. 847.95 on November 10, 2021 and a 52-week-low of Rs. 595 on March 8, 2022, indicating that at the current level, the stock is trading at just 14.6 percent below its 52 week high.
The firm recorded a consolidated total income of ₹2,884.04 Crore for the quarter ended June 30, 2022, up 34.24 percent from the same quarter last year and down 21.12 percent from the previous quarter's total income of ₹3,656.05 Crore. In the most recent quarter, the company achieved net profit after tax of ₹162.84 crore.
Spicejet
Shares of Spicejet surged almost 9 percent after a report said that the Indian budget airline carrier is expected to receive an additional 10 billion Indian rupees ($122.7 million) loan under the government’s modified Emergency Credit Line Guarantee Scheme, Indian Express reported.
The stock opened at Rs. 41.95 against the previous close of Rs. 38.45 and was trading at Rs. 40.55, up by 5.85 percent on NSE at 1:30 p.m.
The stock touched a 52-week-high of Rs. 87.30 on November 24, 2021 and a 52-week-low of Rs. 34.75 on July 28, 2022, indicating that at the current level, the stock is trading at just 16.40 percent percent above its 52-week low and 53.6 percent below its 52 week high.
Consolidated total income for the quarter ending June 30th, 2022, was ₹2,474.32 crore, up 91.07 percent from the same quarter last year and up 16.40 percent over the previous quarter's total income of ₹2,125.69 crore. In the most recent quarter, the company generated net profit after tax of ₹-783.62 crore.
Other stocks including Mishra Dhatu Nigam, Dishman Carbogen Amcis, Persistent Systems Limited, Praj Industries Ltd, India Cements, Mazagon Dock Shipbuilders Ltd, Cochin Shipyard, Welspun Corp, Rajesh Exports, Aarti Drugs also rallied 5-11% in Thursday's trade.
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