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How To Quickly Privatise 300 PSUs Without Selling A Single Share!
Arvind Ltd., an Indian textile maker, jumped as much as 11% to the highest level since June 2019. Trading volume was ~ 3x the 3-month, full-daily average.
“On all parameters, the business is doing better than expected, be it recovery or debt repayment,” said Nihal Jham, an analyst at Edelweiss Securities, who has a buy rating on the stock.
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The L&T unit is lower for the sixth straight day, on track for the longest losing streak since the period ended Feb. 26, 2019.
In the past, the stock has rebounded 2.6% on average in the week following six straight days of losses.
The tyre maker reported a profit of Rs 511.72 crore during the quarter ended December, as compared to Rs 236.63 crore in the year-ago period, an increase of around 116%.
Total revenue rose to Rs 4,567 crore from Rs 4008.89 crore in the year-ago period, an increase of around 14%.
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Shares of HCL Infosystems declined nearly 5% after the I.T. firm reported a loss of Rs 34.32 crore for the quarter ended December.
The losses are primarily on account of delayed receipts on certain system integration contracts, certain historical low margin contracts, slow-down of distribution businesses and finance costs, the company filing said.
Meanwhile, the company's board of directors has also approved the sale of its wholly-owned subsidiary HCL Infotech to Novezo Consulting at a purchase price based on the enterprise value of HCL Infotech as of the date of the share transfer.
Click here to read what brokerages made of its Q3 earnings.
(Source: Bloomberg)
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Affle India Ltd. rose 8.9% with its trading volume at nine times the daily average. The stock was the best performer among its peers.
Trading volume was 64,685 shares, nine times the 20-day average of 7,049 shares for this time of day. The relative strength index on the stock was above 70, indicating it may be overbought.
Stock advanced 177% in the past 52 weeks while the Sensex gained 25% during the same period. The shares are up 33% in the past 5 days.
According to Bloomberg date, it trades at 127 times its estimated earnings per share for the coming year. It trades at 196 times trailing EPS.
Click here to read what brokerages made of its Q3 earnings.
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