scorecardresearchStrong Q4 earnings propel eight large and mid-cap stocks to new record highs; check the list

Strong Q4 earnings propel eight large and mid-cap stocks to new record highs; check the list

Updated: 09 May 2023, 01:18 PM IST
TL;DR.
Shares of MRF, one of the largest tyre manufacturers in India, surged over 1.30% during the previous trading session to register a new record high of 99,933.5 apiece. At current levels, the MRF stock is the most expensive one in India.
Britannia Industries shares reached a lifetime high of  <span class='webrupee'>₹</span>4,700 apiece in Monday's trade, a day after the company posted an over 47.5% jump in its consolidated net profit at  <span class='webrupee'>₹</span>558 crore for Q4FY23.

Britannia Industries shares reached a lifetime high of 4,700 apiece in Monday's trade, a day after the company posted an over 47.5% jump in its consolidated net profit at 558 crore for Q4FY23.

Shareholders of MRF, TVS Motor, Syngene International, Cholamandalam Investment and Finance, Cyient, and Britannia Industries have reasons to celebrate as the shares of these companies have been steadily trending upward since the announcement of their Q4 earnings. In fact, each of these companies has experienced an impressive surge in their share price, resulting in new record highs with each passing day.

During Monday's intraday, the shares of TVS Motor Company soared 2.30% to mark a new lifetime high of 1,243.4 apiece. Since its Q4 numbers were released on May 04, the stock has rallied 6.29%.

The two-wheeler maker reported a 50% YoY jump in its standalone net profit at 410 crore. It reported a record standalone operating profit of Rs. 680 crore in Q4, marking a 22% YoY growth from Rs. 557 crore in the same period last year.

During the March quarter, the company sold 8.68 lakh units of two- and three-wheelers including exports, compared to 8.56 lakh units registered in Q4FY22.

Following the Q4 earnings, domestic brokerage firms Emkay Global and Anand Rathi have maintained their ‘buy’ rating on the stock with a target price of 1,390 apiece and 1,370 apiece, respectively.

Similarly, Cholamandalam Investment and Finance, the financial services arm of Murugappa Group, also saw its share price surge to a new record high of 1,008 during Tuesday's intraday trade.

The shares of the NBFC firm have been on an upward trend since May 04 after it reported an impressive 23.67% YoY jump in its standalone net profit to 853 crore from 690 crore recorded in a similar quarter of last fiscal year.

Brokerages have continued to maintain their optimistic outlook on the stock. Axis Securities and Motilal Oswal have retained their 'buy' rating on the stock, with a target price of 1,075 apiece and 1,130 apiece, respectively.

Shares of MRF, one of the largest tyre manufacturers in India, also surged over 1.30% during the previous trading session to register a new record high of 99,933.5 apiece. At current levels, the MRF stock is the most expensive one in India.

The standalone profit of the tyre maker increased sharply by 162% to 411 crore for the March FY23 quarter, as the benefits of lower raw material costs resulted in better profitability in Q4.

In response to the strong Q4 performance, shares of Syngene International surged from 624 apiece to a record high of 708.80 in Monday's intraday trade, generating a fabulous return of 13.8%.

The company has reported a strong performance in its Q4 FY23 results, with net revenues increasing by 31% YoY to 994 crore, compared to 758 crore in the same quarter last year. Profit after tax (PAT) also increased by 21% YoY to 179 crore compared to 148 crore in Q4 FY22.

Likewise, Cyient shares have been on a bull run since April 20 after the IT firm reported a better-than-expected consolidated net profit for the March quarter at 163.20 crore, an increase of 5.83% YoY and 4.48%.

Its revenue from operations during the quarter came in healthy at 1,751 crore, compared to 1,181 crore in Q4 FY22.

On April 24, the stock rallied 6% to mark a lifetime high of 1,230.20 apiece. From its November low of 730.75 apiece, the stock almost witnessed a one-way spike to reach the current market price of 1205.85, surging by over 65%.

Healthy growth prospects across verticals, strong deal wins, and promising FY24 revenue guidance growth could bolster the company’s future performance, said domestic brokerage firm Geojit Financial Services.

However, given the concern over global uncertainties and fear of recession, the brokerage has downgraded its rating on the stock to "Accumulate" with a target price of Rs. 1,360 apiece based on 18x FY25E EPS.

Further, Britannia Industries shares reached a lifetime high of 4,700 apiece in Monday's trade, a day after the company posted an over 47.5% jump in its consolidated net profit at 558 crore for the fourth quarter ended March 2023, beating market estimates.

In addition, shares of Apollo Tyres and Indian Hotels Company have both hit their all-time high of Rs. 383 apiece and Rs. 378 apiece during Tuesday's trading session.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of MintGenie.

 

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First Published: 09 May 2023, 01:18 PM IST

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