Market this week 4-11-2023

Market this week 4 11 2023
Market this week 4 11 2023

After securing two orders, Sahana Systems shares were locked in a 5% upper circuit.

On November 3, Sahana Systems’ shares, which are based in Gujarat, were caught in a five percent upper circuit after the business received two purchase orders.

The information technology business claimed in its NSE filing that it had received a purchase order for a WatchGuard M290 hardware appliance with three years of basic security software from Guj Info Petro, a provider of IT solutions, along with onsite supply, installation, and technical support.

In addition, Sahana Systems and Go Knit Inc. have a service agreement in place for the provision of platform/software maintenance and services. The aforementioned contract has a minimum three-year term.

For the ninth straight session, the stock has been trading upward, particularly since the release of the quarterly earnings on October 23. On the NSE, it closed at Rs 445.75, up 5% on a volume of 15,000 shares. Since the beginning of last week, the stock has increased by 78%.

Rising 6%, JK Lakshmi Cement’s Q2 profit soars to 55%

A day after revealing a 55% year-over-year increase in consolidated profit at Rs 96 crore for the July–September quarter of the current fiscal year, JK Lakshmi Cement surged by about 6% in early trading on November 3.

The business stated in a filing on November 2 that the improvements were mostly due to lower fuel costs, improved product and sales mix, and increased volume.

Sales volume grew 13.8 percent to 28.78 lakh tonnes, resulting in a 14.6 percent increase in revenue to Rs 1,574.5 crore.

The stock was up 5.63 percent from the previous close as of 10.07 am on the National Stock Exchange, trading at Rs 712.15.

Over the previous six months, the stock has lost 8.35 percent of its value. Over this time, the benchmark Nifty50 has returned 5.73 percent.

6% increase in KPI Green Energy as subsidiary secures solar power projects

Following orders for solar power projects that its subsidiary had secured, KPI Green Energy saw a 6% increase in afternoon trading on November 3.

Orders for 5.70 MW of solar power projects under the Captive Power Producer (CPP) sector were received by Sun Drops Energia Private Limited, a wholly owned subsidiary of the firm.

With the addition, the business reported that the total orders for solar power projects within the CPP segment had exceeded 112 MW. The projects must be finished in several phases by the end of the 2023–24 fiscal year.

The business and Advait Infratech inked a memorandum of understanding with the Uttarakhand government earlier this month to create a 500 MW solar park.

INTERMEDIARY Q2 net profit up 21% year over year; shares rise 4%

Container Corporation of India’s shares increased by more than 4% in trading on November 3 following the company’s announcement of consolidated profits that increased by 21.8 percent year over year to Rs 481.76 crore.

The Container Corporation of India shares was up 4.62 percent at Rs 714.23 on the NSE at 11:01 a.m.

According to financial figures released by the public sector business on November 2, Container Corporation of India (CONCOR) saw a 21.8 percent year-over-year increase in consolidated net profit to Rs 481.76 crore in the second quarter of the fiscal year 2023–24 (Q2 FY24).

CONCOR had declared a net profit of Rs 303.8 crore for the same time last year. In the September 2023 quarter, the profit after tax grew sequentially from Rs 252.55 crore in Q1 FY24. The September quarter saw a 26.13 percent YoY improvement in domestic volumes, which contributed to Concor’s 10.5 percent YoY increase in Q2 revenues to Rs 2,194.87 crore.

Ratnamani Metals surges to 52-week high on robust Q2 earnings

In early trading on November 3, Ratnamani Metals and Tubes jumped by about 6 percent to reach a 52-week high of Rs 2,984.05, as investors applauded the company’s strong performance in the September quarter of the current fiscal year.

At Rs 164.30 crore, the company’s net profit increased 66.3 percent year over year. The robust top line, which increased 25.7% to Rs 1,131.2 crore, supported the excellent bottom line.

Ratnamani Metals was up about 4% from the previous close of Rs 2,933.35 on the NSE at 11:06 a.m.

Additionally, volumes were much greater because one lakh shares were traded compared to the 48,000 daily average for the previous month.

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