Broad Strokes, October 15, 2024
- 8sapience
- Infrastructure , Stocks , IPO
- 15 Oct, 2024
JSW Infrastructure Stock Gains Amid Major Developments 🚢
Shares of JSW Infrastructure rose approximately 3% to Rs 328.65 following the initiation of coverage by Nuvama Institutional Equities. The firm issued a ‘buy’ rating with a target price of Rs 390, signaling a potential upside of 22%.
- Cause: Nuvama issued a positive rating on JSW Infra stock.
- Effect: The stock surged 3%, aligning with its strong market sentiment.
- Growth Outlook: The company’s ambitions to increase capacity from 170 MTPA to 400 MTPA by FY30 are expected to drive further gains.
Sunteck Realty Stock Surges 🚀 on Strong Q2 Update 🏗️
Sunteck Realty’s stock surged over 7% due to a solid Q2FY25 performance, with pre-sales rising 33% YoY to ₹520 crore and collections increasing by 25%.
- Cause: Strong pre-sales growth and efficient cash flow management.
- Effect: Stock price increased by 7%, reflecting investor confidence.
Angel One Reports Impressive Earnings 💰
Angel One reported a 39% YoY increase in net profit, reaching ₹423 crore, with revenue surging 44.5% YoY.
- Cause: Angel One’s expanding client base and improved market share.
- Effect: The stock surged approximately 11% post-earnings release.
VA Tech Wabag Hits Record High on Major Order Win 💧
VA Tech Wabag shares surged over 4% to a 52-week high after winning a ₹1,000 crore order for a sea water desalination plant.
- Cause: Securing a high-value order and entering the solar PV sector.
- Effect: Strong stock performance, reflecting Wabag’s technological expertise and growth potential.
Ramkrishna Forgings Sees Stock Rally on UBS Coverage 🔧
UBS initiated coverage on Ramkrishna Forgings with a ‘Buy’ rating and a target price of ₹1,500, driving the stock to a life high.
- Cause: Positive UBS coverage and strong growth potential in the EV and aluminum forging sectors.
- Effect: A 49% surge over six months and continued investor interest.
Cochin Shipyard: Government to Sell Stake 🚢
The Indian government will sell up to 5% stake in Cochin Shipyard via an Offer for Sale (OFS).
- Cause: Government divesting stake.
- Effect: Stock climbed 3% following the announcement, with long-term interest expected.
Page Industries and Oberoi Realty Reach New Peaks 🏠
On October 14, Page Industries and Oberoi Realty reached 52-week highs, gaining 20% and 40% YTD respectively.
- Cause: Bullish investor sentiment and technical factors driving momentum.
- Effect: Stocks hit new highs, reflecting confidence in the broader market.
