IEX, L&T Infotech, TTK Prestige and two other stocks that have ignored the market mood to hit a one-year high

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IEX, L&T Infotech, TTK Prestige and two other stocks that have ignored the market mood to hit a one-year high
  • While the earnings season has kickstarted, shares of many companies have hit their one-year high on news of bonus equity shares, share split, dividends and so on.
  • Shares of kitchen appliances manufacturer TTK Prestige rallied almost 20% on Tuesday as investors cheered the company’s plans to split the stock.
  • Indian Energy Exchange spiked almost 20% on the company's plans to distribute bonus shares.
While benchmark indices oscillated between gains and losses, there were stocks that hit their one-year high on optimism of additional profit as companies announced bonus shares, stock splits and dividends. Shares of these companies have surged up to 20% today on October 19.

Larsen & Toubro Infotech jumps 15% on strongest sequential revenue growth in second quarter

Larsen & Toubro Infotech jumps 15% on strongest sequential revenue growth in second quarter
BCCL

Shares of information technology (IT) services company Larsen & Toubro Infotech (LTI) surged as much as 15% on Tuesday after the company reported strong financial performance in the September quarter. Its net profit grew by 21% year-on-year to ₹552 crore in the July-September quarter with revenue up 25.6% year-on-year to ₹3,767 crore on robust demand. The company said that this was the strongest sequential growth it has witnessed, taking its annual revenue run rate to cross $2 billion.

“We are witnessing strong demand and are rapidly scaling up on the supply-side with our headcount up 31% year-on-year,” said Sanjay Jalona, chief executive officer and managing director at LTI. Attrition rate for the quarter spiked to 19.6% from 15.2% in the previous quarter. Also, the stock has hit its one-year high of ₹6,876.90 per share on October 19.

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TTK Prestige surged almost 20% as company announced a stock split

TTK Prestige surged almost 20% as company announced a stock split
TTK Prestige

Shares of the kitchen appliances manufacturer rallied almost 20% on Tuesday as investors cheered the company’s announcement to consider a stock split on October 27. Shares of the company hit their one-year high on the news to ₹10,586 per share.

TTK Prestige makes kitchen appliances and cookware under the Prestige brand known for its pressure cookers. In June quarter, the company had reported a consolidated net profit of ₹30.59 crore as against a net profit of ₹2.55 crore in the same quarter last year.

The company will also release its September quarter earnings on October 27.

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Indian Energy Exchange spiked almost 20% on company’s plans to distribute bonus shares

Indian Energy Exchange spiked almost 20% on company’s plans to distribute bonus shares
BCCL

Shares of the energy exchange hit its one year high of ₹956.15 on Tuesday on announcement of issue of bonus shares to investors. The company said it will approve the declaration of the bonus issue of equity shares on October 21, Thursday. Bonus shares are additional shares given to the current shareholders without any additional cost, based upon the number of shares that a shareholder owns.

Shares of the company have grown four times in 2021 so far by gaining 322%.

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Mahindra CIE goes up 13% on two-fold rise in net profit

Mahindra CIE goes up 13% on two-fold rise in net profit
BCCL

Shares of the auto component supplier gained about 13% on Tuesday as net profit of the company jumped 22% to ₹166 crore in the September quarter as against ₹136 crore in June quarter.

The company said it has “recovered pre-COVID sales and margin levels despite the difficult market situation,” in its investor presentation. Further, normalisation of the semiconductor supply will be the key factor for the market recovery during the next quarters.

Besides, the stock hit its one year high of ₹297.35 on Tuesday.

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Larsen & Toubro gains almost 4% to hit one-year high

Larsen & Toubro gains almost 4% to hit one-year high
BCCL

Shares of the construction conglomerate gained as much as 4% on October 19 as its subsidiary Larsen & Toubro Infotech reported strongest sequential growth in the September quarter. L&T has a 74.09% stake in Larsen & Toubro Infotech. L&T has business interests in engineering, construction, manufacturing, technology and financial services, headquartered in Mumbai.

The stock also hit its one year high on Tuesday at ₹1,864 per share.

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