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In the past week most of the sectoral indices closed in the green. BSE IT gained the most by 4.9 per cent followed by BSE Teck 4.5 per cent, BSE Metal 3.3 per cent. BSE Power, BSE Consumer Durables declined 1.9 and 1.4 per cent.
Among the BSE 500 stocks, the top gainers with fundamental news driving the shares were Justdial, Mazagaon dock and Kalyan Jewellers.
Justdial
The stock of Justdial saw highest single day gain on July 14,2023 when it gained 7.5 per cent. The main reason for the rally in the stock was due to the Q1 FY24 results. The company reported a 33 per cent growth in revenue YoY at ₹247 crore in June 2023 quarter whereas the EBITDA of the company grew 230 per cent YoY to ₹36 crore in June 2023 quarter. The net profit of the company was at ₹83.4 crore in Q1FY24 while it reported loss in Q1FY23.
The trailing 12 months PE of the company is 43.1 times and price to book ratio of the company is 1.92 times.
Mazagon Dock Shipbuilders
The stock of Mazgon Dock saw the highest single day gain of the week on July 11,2023 when it gained 10 per cent. The main driver of the rally in the stock is investors anticipation of defence deals that were expected to be signed during the diplomatic visit of Indian Prime Minister Narendra Modi to France, and expectations that it will give more thrust to ‘Make in India’ defence stocks. Defence Acquisition Council, chaired by Defence Minister Rajnath Singh has approved the manufacturing of Scorpene class submarine in India which will be constructed by Mazagon Dock.
The trailing 12 months PE of the company is 29.5 times whereas the price to book ratio of the company is 6.9 times.
Kalyan Jewellers
The stock of Kalyan Jewellers saw the highest single day gain of the week on July 11,2023 when it gained 6 per cent. The main driver of the rally in the stock was the business update filed by the company. The management of the company stated that the revenue growth of the company’s India operations for Q1FY23 was 34 per cent YoY. The management also stated that- “Strong operating momentum has been consistent and sustained through the entire quarter, including during Akshaya Tritiya, underpinning the resilience of our category within the overall consumption basket and demonstrating strong execution in the market by our operating team on the ground.” The management also stated that the gross margin at the showroom level also improved YoY.
The trailing 12 months PE of the company is 43.44 times whereas the price to book ratio of the company is 5.18 times.
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