Gainers & Losers: 10 stocks that moved the most on July 18

The Indian equity benchmarks touched new all-time highs on July 18, with the Sensex ending 0.31 percent higher at 66,795.14, and the Nifty ending 0.19 percent higher at 19,749.30. About 1,384 shares advanced, 1,958 declined and 118 remained unchanged.

Infosys Ltd. | CMP Rs 1475.20 | Infosys share price gained nearly 4 percent on July 18 after the company said that it had signed a multi-year agreement with one of its strategic clients to provide AI and automation-related services. The company will announce results for the first quarter ended June 30, 2023 on July 20, 2023.

One 97 Communications Paytm Ltd. | CMP Rs 840.40 | Shares of One97 Communications Ltd, the parent company of Paytm, declined 2.5 on July 18 after SoftBank offloaded a 2 percent additional stake in Paytm. SoftBank had sold a 2 percent stake in One97 Communications Ltd, its biggest listed investment in India, over the past month through open market operations, generating about $300 million.

LTIMindtree Ltd. | CMP Rs 5001.15 | Shares of LTIMindtree fell nearly 3 percent on July 18 after the company reported lower-than-expected earnings for the June quarter and a cautious growth outlook from the management dented investor sentiment. The new Nifty 50 member reported a Q1 FY24 net profit of Rs 1,151.5 crore, up 4 percent YoY from Rs 1,106 crore. Quarterly revenue rose by 14 percent YoY to Rs 8,702 crore but missed Street estimates. EBITDA margin dropped to 18.8 percent from 19.5 percent in Q1FY23. LTIMindree recorded $1.41 billion in total deal wins and added 19 clients, bringing the total client count to 723.

Gujarat Fluorochemicals Ltd. | CMP Rs 2845.40 | Gujarat Flourochemicals shares gained over 3 percent on July 18 after the company’s wholly-owned subsidiary, Gujarat Flourochemicals FZE, started commercial operations in Dubai. ICICI Direct has a buy call on the stock at a target price of Rs 4,000. The domestic brokerage firm expects revenue and Earnings Before Income Tax Depreciation and Amortisation (EBITDA) to grow at a CAGR of 25 percent and 32 percent, respectively over FY23-25. Compunded Annual Growth Rate or CAGR is the rate at which EBITDA or revenue will grow every year.

RPP Infra Projects Ltd. | CMP Rs 64.05 | RPP Infra Projects Limited shares were up 8 percent on July 18 as the company announced that its joint venture (JV) with Hs Engineers Associates has received a letter of acceptance for a new project in Himachal Pradesh worth Rs 138 crore. The win gains significance as this is the company’s third order win in July. By close the share ended 2 percent higher.

Sheela Foam Ltd. | CMP Rs 1236.90 | Shares of Sheela Foam shot up 15 percent on July 18 after the company confirmed the buyout of rival Kurlon Enterprises and announced its decision to pick up a 35 percent stake in furniture rental company Furlenco, also known as House of Kieraya Ltd, for Rs 300 crore. Sheela Foam will acquire a 94.66 percent stake in Kurlon Enterprises at an equity valuation of Rs 2,150 crore, the company said in a regulatory filing. By close, the share ended 4 percent higher.

Hathway Cable and Datacom Ltd. | CMP Rs 15.05 | Hathway Cable and Datacom Ltd shares declined by over 5 percent on July 18 following the company’s announcement of its financial and operating results for the first fiscal quarter ending June 30, 2023. The cable TV and fibre internet provider reported a 6.7 percent year-on-year growth in consolidated profit at Rs 22.36 crore for the quarter ended June FY24, driven by other income. However, EBITDA fell 10.88 percent to Rs 77.53 crore, and the margin dropped by 400 basis points to 15.5 percent compared to the year-ago period, impacted by higher pay channel costs. The total expenses in Q1FY24 increased by 13.85 percent to Rs 513.85 crore.

Polycab India Ltd. | CMP Rs 4128.15 | Shares of Polycab India Ltd surged 5.5 percent on July 18 after the company reported an 81 percent jump in its June quarter net profit that beat analysts’ estimates. The firm reported a net profit of Rs 402.81 crore in the June quarter against Rs 222.55 crore a year ago. Despite facing lower commodity prices, the company’s revenue for the quarter surged by 42 percent year-on-year to Rs 3,889.38 crore, up from Rs 2,736.56 crore. This remarkable increase was primarily driven by robust volume growth in the wires and cables business.

Happiest Minds Technologies Ltd. | CMP Rs 935.70 | Shares of Happiest Minds Tech were down 6 percent as the company allocated shares at a 7 percent discounted price of Rs 924 as against the previous close. The stock was trading lower despite the company’s announcement that it has completed its capital raise of Rs 500 crore through a qualified institutional placement (QIP) of equity shares. This was the first-ever equity capital raise by the company after its IPO in 2020.

Amara Raja Batteries Ltd | CMP Rs 640.95 | Shares of Amara Raja Batteries fell nearly 6.5 percent on July 18 after around 24.6 million shares, representing a 14 percent stake, of the company changed hands on the exchanges. The company will declare its quarterly numbers on August 12. Analysts expect the revenue to improve sequentially, given the increase in OEM production and a rise in replacement demand.