Hot stocks on May 27: Suzlon Energy, IREDA, Nazara Technologies, RVNL and more
Produced by: Aseem Thapliyal
Sensex, Nifty trading in green
The domestic equity market was trading at record high in the afternoon session today. Sensex gained 276 points to 75,686 and Nifty rose 61 pts to 23,022.
Market is likely to largely discount poll results
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “As we move into the last week of trade before election results, the market is trading at record highs. Sharp short covering in index futures and huge delivery based buying in frontline stocks like HDFC Bank have contributed to the strength of the market. Even though Nifty is at record highs, Bank Nifty is 2% away from its peak. This indicates the potential of frontline banking stocks to move up further. The election-related uncertainty may cause some volatility but is unlikely to cause any major jitters this week. The market is likely to largely discount the results before declaration on June 4."
Astra Microwave
Shares of Astra Microwave surged 14.25% to a record high of Rs 914 on Monday after the aerospace and defence firm reported its highest ever revenue, EBITDA and PAT for Q4 and for the last fiscal. Net profit surged 299% to Rs 54 crore in Q4 against Rs 13 crore profit in the corresponding quarter of the previous fiscal. Revenue zoomed 37% to Rs 354 crore in the last quarter against Rs 258 crore in the corresponding quarter of the previous fiscal. Market cap of the firm rose to Rs 8,355 crore.
Nazara Technologies
Shares of Nazara Technologies saw the highest turnover of Rs 312 crore as 50.26 lakh shares of the firm changed hands on BSE. The rally in the stock came even as Mitter Infotech LLP, a promoter of Nazara Technologies sold 48,84,000 equity shares, representing 6.38% of the issued share capital to Plutus Wealth Management LLP through an on-market transaction in a block deal window today. The stock gained 4% to Rs 641.95 on BSE.
Cochin Shipyard
Shares of state-owned Cochin Shipyard Ltd (CSL) hit a record high after the firm reported a 558.82% year-on-year (YoY) rise in net profit for the fourth quarter. Net profit climbed to Rs 258.9 crore in the March 2024 quarter against Rs 39.3 crore. Cochin Shipyard shares zoomed 9.89% to a record high of Rs 2100 against the previous close of Rs 1910.95 on BSE. Market cap of the defence stock rose to Rs 53,088 crore.
Suzlon Energy
Suzlon Energy shares were trading on a flat note at Rs 45.47 after the firm reported a net profit of Rs 254 crore in the Q4 of the previous fiscal, down 8.6% against Rs 278 cr on a YoY basis. Market cap of the firm fell to Rs 61,693 crore. Total 23.15 lakh shares of the firm changed hands amounting to a turnover of Rs 10.53 crore.
IREDA
IREDA shares rose 6% to Rs 196.75 in early deals after the renewable energy stock was added to the FTSE All-World, All Cap index as an outcome of FTSE's May supplementary index review results. Market cap of the firm rose to Rs 52,102 crore on BSE. IREDA saw 66.74 lakh shares changing hands amounting to a turnover of Rs 129.20 crore on BSE
RVNL
Shares of RVNL gained 7.92% to Rs 399.70 in early deals after the rail PSU emerged as the lowest bidder from Maharashtra Metro Rail Corporation Limited (Nagpur Metro) for construction of six elevated metro stations. The project cost is estimated at Rs 187.34 crore. Market cap of the firm rose to Rs 79,939 crore.
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