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Shares of the telecom company shed nearly 5%, its fourth straight session of decline, to Rs 78.45 apiece. Over the past five sessions, HFCL has shed over 5% despite reporting a three-fold rise YoY in net profit to Rs. 90.69 crore in the June quarter on Tuesday. Consolidated revenue almost grew over 70% YoY to Rs 1206.87 crore.
The decline follows an extended period of gains in which shares of HFCL added over 100% in a month ending July 6. Shares of HFCL gained over 200% for the year so far.
The performance of the telecom company has been driven by launch of another PM WANI model village in Karnataka, commissioning of dedicated 5G R&D centre and business division as well as healthy order inflows.
Jubilant Pharmova Ltd. fell 5%. Trading volume was seven times the average for this time of day.
Trading volume was 1.67 million shares, seven times the 20-day average of 231,530 shares for this time of day.
The shares are down 3.3% in the past 5 days and fell 5.9% in the past 30 days.
Analysts have seven buy, one hold, and no sell recommendations on the stock.
The price target of Rs 982.14 represents a 38% increase from the last price
The broader markets gained inline with their larger peers. The S&P BSE MidCap rose 0.35% while the S&P BSE SmallCap advanced 0.44%. Thirteen of the 19 sectoral indices climbed, led by the S&P BSE Capital Goods index, up 2%.
The S&P BSE Oil & Gas declined 0.8%, making it the worst performing sectoral index.
The market breadth was skewed in favour of the bulls. About 1,652 stocks advanced, 1,484 declined and 141 remained unchanged on the BSE.
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Shares of KNR Constructions Ltd. gained as much as 5% to Rs 254.95 apiece after a credit ratings upgrade.
CRISIL Ratings revised its outlook on the long term bank facilities of firm from ‘stable’ to ‘positive’ and reaffirmed the long term rating at ‘CRISIL AA-‘, according to exchange filing of KNR Construction.
CRISIL listed the establish market position and strong project execution capability, strong order pipeline and robust financial risk profile as the key reasons for the ratings upgrade.
Shares of the construction engineering company were trading near the 52-week high of Rs 259.9 and have gained more than 12% over the last month and 55.52% for 2021 so far, respectively.
Of the 28 analysts covering KNR Construction, 25 have a ‘buy’ rating and three suggest a ‘hold’’, according to Bloomberg data. The average of the 12-month consensus price targets implies an upside of 4.3%.
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Shares of Craftsman Automation shed 4% to Rs 2,028.85 apiece on the back of June quarter earnings. The engineering services company reported operating revenue of Rs. 435.19 crore, almost thrice the sales reported in the corresponding quarter in the previous fiscal. Operating revenue however slipped sequentially as the second wave disrupted activity during the course of the June quarter.
The company has also terminated the joint venture agreements with Mitsubishi corporation, Tokyo, MC Machinery Systems Inc., USA, Mitsubishi Corporation India and Mitsubishi Corporation Technos, Japan. According to Craftsman Automation’s exchange filings, these JVs that came into effect in 2007 for selling laser cutting machines and electric discharge machines were terminated to shift focus to increasing needs of its primary business.
Craftsman Automation has a consensus rating of 5 with all three of the analysts covering the firm maintaining a buy rating. The company has a Relative Strength Index of 74.25 indicating that it may be overbought territory.
Shares of Craftsman Automation gained over 44% in 2021 so far and has recovered from the decline in April due to the second wave
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The broader markets slightly outperformed their larger peers. The S&P BSE MidCap rose 0.24% while the S&P BSE SmallCap advanced 0.65%. Sixteen of the 19 sectoral indices climbed, led by the S&P BSE Capital Goods index, up 2.13%.
The market breadth was skewed in favour of the bulls. About 1,757 stocks advanced, 860 declined and 93 remained unchanged on the BSE.
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