Synopsis: This article aims to highlight the significant gains observed in the stock market, particularly focusing on the surge in shares of Tejas Networks, Hatsun Agro Products, Inox Wind, and Sterling and Wilson Renewable Energy.
Tejas Networks witnessed a remarkable 20% surge, reaching a peak of Rs 1,086.90 on the BSE. Additionally, the company achieved profitability in Q4. Meanwhile, Hatsun Agro Product saw gains following its report of a substantial 108.76% year-on-year increase in profit, totaling Rs 52.16 crore in Q4.
Today's top gainers on the BSE saw several stocks, including Tejas Networks Ltd, Hatsun Agro Products Ltd, Inox Wind Ltd, and Sterling and Wilson Renewable Energy Ltd, surge by up to 16% due to various corporate announcements. Tejas Networks, Hatsun Agro Products, and Sterling and Wilson Renewable Energy shares rose following their March quarter results, while Inox Wind witnessed a jump ahead of a scheduled board meeting to discuss a bonus issue.
Tejas Networks saw its share price soar by 20% to reach a high of Rs 1,086.90 on the BSE. Notably, the company turned profitable in the March quarter, reporting a profit after tax (PAT) of Rs 147 crore compared to a loss of Rs 11.5 crore in the same period last year.
Its revenue also experienced a significant increase to Rs 1,326.90 crore from Rs 299.30 crore year-on-year, with an order book standing at Rs 8,221 crore. Additionally, the company highlighted advancements in its BSNL's 4G/5G RAN shipments and IP/MPLS routers for the backhaul network, along with securing 22 patents in Q4.
Meanwhile, Hatsun Agro Product's share price surged by 13.31% to reach Rs 1,160 on the BSE, driven by a remarkable 108.76% year-on-year rise in profit to Rs 52.16 crore and a 14.38% increase in revenue from operations.
Inox Wind's stock price gained momentum ahead of a board meeting scheduled for April 25 to consider and approve a proposal for the issuance of bonus equity shares.
Anand Rathi provided a target price of Rs 590 for Inox Wind, citing its integration in the wind energy sector and expectations of positive performance driven by a strong order book.
Similarly, Sterling and Wilson Renewable Energy also witnessed a rise in its share price following its March quarter results. Nuvama highlighted significant developments, including better-than-expected profit before tax (PBT) and management's guidance for new orders and revenue in FY25, leading to a positive outlook and an upward revision of the target price to Rs 850.
As of now, Sterling and Wilson Renewable Energy's stock was trading 8.02% higher at Rs 666.65.
In conclusion, today's market saw significant upward movements in the shares of Tejas Networks, Hatsun Agro Products, Inox Wind, and Sterling and Wilson Renewable Energy, fueled by positive corporate announcements and impressive quarterly results.
Tejas Networks' profitability turnaround, Hatsun Agro Product's remarkable profit and revenue growth, Inox Wind's anticipation of a bonus issue, and Sterling and Wilson Renewable Energy's promising performance and future outlook all contributed to investor enthusiasm.
These developments underscore the resilience and potential of these companies in navigating market dynamics and driving shareholder value.
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