Page 5 - Elecon Engineering News Today

Last quarter, we had almost a 22% kind of upgrade in the estimates for ABB India. So, I would say yes, valuations have inched up because they are pricing in optimism and growth, up cycle growth, which typically happens 25% kind of CAGR in revenues, 30% CAGR in earnings.

Elecon Engineering Company has posted 72.6 percent jump in its Q1 net profit at Rs 73 crore versus Rs 42 crore and revenue was up 26.4 percent at Rs 414.3 crore versus Rs 327.7 crore, YoY.

Stocks to watch: Shares of firms like Vedanta, Motherson Sumi, LIC, Vadilal, Nazara Tech, JSW Steel, and others will be in focus on Tuesday's trade.

Markets closed positively as attention turned to IT companies Q1 earnings. TCS, HCL Tech, and Wipro are set to present their results. Gainers included consumer durables, auto, healthcare, IT, capital goods, and oil & gas stocks, while banking, metal, and financials lagged.

The company is majority public owned with 55.79% stake, while promoters own the remaining 39.41%. Among public shareholders, mutual funds have no stake, while foreign investors own a marginal 2.38%.

Quarterly earnings season for the April-June 2023 period is set to begin, with a number of companies, including TCS, HCL Tech, and Wipro set to announce their results in the trading week from July 10th to 15th. These stocks will be in focus accordingly on exchanges.

Indian markets cheered on Tuesday as Sensex zoomed over 63,400 and Nifty 50 ended above 18,800, with banking and financial stocks performing well after merger updates from HDFC. Midcap and smallcap stocks also gained traction, and Indias volatility index decreased by over 5.4%.

Defence is another sector that is gaining traction and Kedia admits that valuations in the space are getting richer day by day. Kedia said when a sector is about to turn around, one gets cheap valuations.

Riding on the back of robust bullish sentiment, Sensex and Nifty 50 neared their lifetime high levels on Monday. Consumer durables stocks witnessed the most buying, while substantial gains were also seen in auto and banking stocks. Oil and gas stocks, however, emerged as top underperformers.

So far in 2023, both Nifty and Sensex have risen marginally. Amid volatility, some stocks including HAL, BDL have touched multi-year highs. Watch this Visual Story to check stocks that have risen over 170% in the last one year, and have given 5-year breakouts.