Despite the expectation of an FED rate hike, the Indian equity markets closed higher for the second consecutive session on September 20. On Tuesday, the Nifty50 opened with a 148.15-point gap up and reached an intraday high of 17,919.30, and then it finally finished the day with a gain of 194 points, or 1.10%, at 17,816.25, while the Sensex closed at 59,719.74 up 578.51 points, or 0.98%.
The surge in the rally was supported by a range of factors, including FII flows, a drop in oil prices, and a stable US dollar. In Tuesday's trade, almost ten stocks in the Nifty 500 hit record highs.
Eicher Motors: Shares of Eicher Motors hit an all-time high on the BSE in Tuesday's trade. The stock opened with a gap up of ₹35 per share, at ₹3,624.65, and rose further, reaching a new all-time high of ₹3,738.90 on the BSE. At the current price, the stock is trading 72% above its 52-week low of ₹2,159.55, recorded on March 08, 2022.
In the last one month, the stock surpassed the Nifty50 returns by gaining 8.39%. The stock has gained 52.03% in the last six months. In the last one year, the stock has delivered a return of 31.55 percent to shareholders.
Varun Beverages: The stock ended green in Tuesday's trade with a ₹42.55 gain at ₹1,123.25. During intraday, the stock hit an all-time high of Rs. 1,126.60. For the last month, the stock has risen 22.12 percent, from ₹919.75 to ₹1,126.60.
Meanwhile, foreign portfolio investors raised their stake in the June quarter to 23.9%, up from 21.0% in the previous quarter, which is the highest level in three years.
TVS Motor Company: Since the beginning of January 2022, shares of the two-wheeler company have increased exponentially from ₹627 to the current level of ₹1,081.15, representing a return of 72.43 percent. In Tuesday's trading session, the stock hit a record high of ₹1,088. According to media reports, the company reported a 15% rise in its sales in August by selling 3,33,787 units as against the sale of 2,90,694 units in the same month of last year.
Gujarat Fluorochemicals: This was another stock that hit an all-time high in Tuesday's trade. During the intraday, the stock opened on a high note, reaching a record high of ₹3,785.20 on the NSE. It then closed nearly 2.41% higher at Rs. 3,753.20. It has increased by nearly 55% year to date. The stock's value has increased by 120.04 percent in the last year.
The company reported a consolidated net profit of ₹74.45 crore, an increase of 33.2%. EBITDA grew 28% to ₹99.1 crore in Q1 FY23 from ₹77.8 crore in Q1 FY22. As per Trendlyne, the company's operating revenue of ₹1,360 crore in the June quarter was one of the highest in the industry.
Triveni Turbine: After reporting solid June earnings on August 01, the stock price has risen from ₹170.85 to ₹230.40, delivering a return of 35.52 percent.
The stock fell 4.29 percent to end at ₹228.85 in Tuesday's trading session. The scrip hit an all-time high of ₹244.40 during the trade. Post Q1 domestic brokerage firm Prabhudas Lilladhar has given a 'buy' call on the stock with a target price of ₹240/share. On the other hand, Yes Securities also gave a buy call on the stock with a target price of ₹273/share.
Mazagon Dock Shipbuilders: Shares of MDS hit an all-time high of ₹472 on the NSE in Tuesday's trade. The stock rose for three consecutive trading sessions. During this period, the stock is up by nearly 10.75%.
The stock price increased from ₹306.25 to ₹464 in the last month, representing a 51.63 percent return on the strong business outlook.
The stock rose the most after the company reported a 133.33 percent increase in net profit year on year to ₹217 crore for the June-ending quarter, up from ₹93 crore the previous year.
Mazagon Dock Shipbuilders Ltd. is engaged in building and repairing ships, submarines, various types of vessels, and related engineering products. The company is owned by the government of India, its website shows.
Solar Industries: This stock rallied nearly 6% in Tuesday's trading session to hit an all-time high of ₹3,940.90. In the last one year, the stock has risen from around ₹1,928 to current levels, representing a nearly 104.71 percent increase.
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