Why Tejas Networks, Hatsun Agro Products, Inox Wind & Sterling and Wilson shares rallied up to 20% today
Top BSE gainers today: A host of stocks namely Tejas Networks Ltd, Hatsun Agro Products Ltd, Inox Wind Ltd & Sterling and Wilson Renewable Energy Ltd climbed up to 16 per cent on various corporate announcements. Shares of Tejas Networks and Hatsun Agro Products and Sterling and Wilson Renewable Energy climbed on March quarter results, Inox Wind jumped on a scheduled board meet on bonus issue.
Tejas Networks share price
In the case of Tejas Networks, the stock soared 20 per cent to hit a high of Rs 1,086.90 on BSE. Tejas Networks turned profitable, as it reported a PAT of Rs 147 crore for the March quarter against a loss of Rs 11.5 crore in the same quarter last year. Revenue for this company jumped multi-fold to Rs 1,326.90 crore against Rs 299.30 crore YoY. Its order book stood at Rs 8,221 crore. The company said it has ramped up BSNL’s 4G/5G RAN shipments and delivered large volume of IP/MPLS routers for the backhaul network. The company was granted 22 patents in Q4.
Hatsun Agro Product share price
Hatsun Agro Product climbed 13.31 per cent to hit a high of Rs 1,160 on BSE. This stock gained as the company reported 108.76 per cent YoY rise in profit at Rs 52.16 crore against Rs 24.99 crores YoY. Revenue from operations rose 14.38 per cent YoY to Rs 2,046.87 crore from Rs 1,789.46 crore.
“With 10 per cent stock price correction over past six months and earning tailwinds, we upgrade stock to BUY from HOLD with a DCF-based target price of Rs 1,190 (implied P/E of 50 times FY26E; earlier target price: Rs 1,145),” ICICI Securities said.
Chairman RG Chandramogan said his company saw good growth in procurement of milk and revenues both in Q4 and for the full FY2023-24.”Strong sales recovery in the domestic market post Covid with good summer sales led to good sales volume. All our business verticals did well with our leading brands registering healthy sales growth. HAP’s retail expansion in the last two years helped us reach customers in new markets like Maharashtra, Orissa, West Bengal and Madhya Pradesh and also supported existing strong bases in South India,” he said.
Inox Wind share price
In the case of Inox Wind, the company said its board members would meet on Thursday, April 25, to consider and approve the proposal for issuance of bonus equity shares to the shareholders of the company. Anand Rathi recently suggested a target price of Rs 590 on Inox Wind. “Fully integrated in wind energy, Inox Wind is set to benefit from the upturn in the sector, Anand Rathi said. After a turbulent FY18-23, promoters’ fund infusion has cut interest-bearing debt to Rs 500 crore in Q3FY24. Ahead, aided by a strong, 2,600MW order book, Anand Rathi expects 450MW/700MW/1,000MW delivery in FY24/25/26. The landbank may support 5GW of capacity, which would ensure faster turnaround of turnkey projects (1.8GW out of 2.6GW),” it said.
Sterling and Wilson Renewable Energy share price
This stock also gained on March quarter results. Nuvama said while PBT beat its estimate by 126 per cent, PAT was a miss on higher tax provision for the quarter.
“PAT turnaround is likely in FY25E even at 50 per cent execution of order book (Rs 8,000 crore). Halving of module prices YoY could expedite solar installations, enhancing scope. Indicated strong bid pipeline of 30GW (Rs 45,000 crore) in FY25E (84 per cent domestic). Management guided for Rs 8,000 crore of new orders (ex-RIL and -Nigeria)/Rs 8,000–9,000 crore revenue in FY25. In all, we are raising long-term GM by 50 bps, and target price to Rs 850 (37 per cent potential upside),” Nuvama said.
This stock was trading 8.02 per cent higher at Rs 666.65.
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