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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%.