Gainers & Losers: The Indian equity market experienced a day of volatility on May 24, bringing an end to its three-day winning streak. Both the Sensex and the Nifty closed in the red, with the Sensex declining by 208.01 points or 0.34 percent to reach 61,773.78, while the Nifty fell by 62.60 points or 0.34 percent to settle at 18,285.40. Among the traded stocks, there were 1,643 gainers, 1,727 losers, and 125 stocks that remained unchanged. Let’s dive into the details of the stocks that gained and lost the most during the day.
Mahindra CIE Automotive Ltd Share Price: Rs 473.45
Mahindra CIE Automotive Ltd witnessed a surge of nearly 4 percent in its share price following a significant block deal. Around 12.2 million shares, accounting for a 3.2 percent stake in the company, changed hands through several trades. This transaction resulted in M&M’s stake in the company reducing to zero.
Ashok Leyland Share Price: Rs 151.50
The shares of Ashok Leyland experienced a marginal decline after the company reported its earnings for the fourth quarter. The commercial vehicles manufacturer recorded a 17 percent drop in standalone net profit, which amounted to Rs 751 crore for the quarter ended March 31, 2023. In comparison, the net profit for the same period the previous year stood at Rs 901 crore. However, the total revenue from operations increased by nearly 33 percent to Rs 11,626 crore, as opposed to Rs 8,744 crore in the corresponding quarter of the previous fiscal year.
Linde India Share Price: Rs 3999.95
Linde India observed a substantial jump of nearly 3 percent in its share price following the release of strong financial results for the March quarter. The industrial gas producer reported a 50 percent increase in net consolidated profit, amounting to Rs 99.25 crore for the quarter, compared to Rs 65.97 crore during the same period the previous year. Moreover, the revenue from operations witnessed a growth of 18 percent, reaching Rs 630 crore.
Metro Brands Share Price: Rs 928.80
The shares of Metro Brands closed 5 percent higher after reporting robust financial results for the fourth quarter. The speciality footwear retailer’s standalone net sales for the March quarter of FY23 stood at Rs 514.03 crore, marking a 29.85 percent increase from Rs 395.87 crore recorded a year ago. Furthermore, the company’s quarterly net profit witnessed a significant surge of 20.83 percent, reaching Rs 81.61 crore, while the EBITDA increased by 21.14 percent, amounting to Rs 171.57 crore.
Dishman Carbogen Amcis Share Price: Rs 114.35
Dishman Carbogen Amcis Ltd encountered a decline of over 12 percent in its share price as it reported a widening of its consolidated loss to Rs 70.72 crore for the quarter ended March. In comparison, the company had incurred a net loss of Rs 44.6 crore during Q4 FY22. Dishman Carbogen Amcis operates as an active ingredients manufacturer for the pharmaceutical industry.
SeQuent Scientific Share Price: Rs 73.85
Shares of SeQuent Scientific declined by 4.46 percent after the animal health company announced a net loss of Rs 92.43 crore for the quarter ended March. In the year-ago period, the firm had reported a net profit of Rs 9.90 crore. SeQuent Scientific is promoted by The Carlyle Group and is engaged in the animal healthcare business.
Biocon Share Price: Rs 242.95
Biocon witnessed an initial surge of nearly 8 percent in its share price, which was sustained until market close. The drug manufacturer reported robust earnings for the fourth quarter, with a 31.3 percent rise in net profit amounting to Rs 313.20 crore, surpassing the estimated figure of Rs 234 crore. Additionally, the company’s revenue also surpassed estimates, recording a significant surge of 56.7 percent to reach Rs 3,773.9 crore, surpassing the expected figure of Rs 3,611.7 crore.
Orient Bell Share Price: Rs 549.95
Orient Bell experienced a decline of nearly 10 percent in its share price, following the disappointing earnings results for the fourth quarter. The net consolidated profit of the company witnessed a decline of 61.62 percent during the January-March quarter of FY23. The net profit for the quarter ended March 31, 2023, stood at Rs 6.30 crore, in contrast to Rs 16.5 crore reported a year ago.
Sudarshan Chemical Share Price: Rs 437
Shares of Sudarshan Chemical Industries climbed over 11 percent after the company reported strong sequential growth for the quarter ended March. The dye manufacturer’s revenue witnessed a 30 percent rise on a quarter-on-quarter basis, reaching Rs 692 crore. This growth was primarily driven by a strong performance in the pigment exports market and demand revival. On a year-on-year basis, the revenue increased by 10 percent.
Galaxy Surfactants Share Price: Rs 2520
Galaxy Surfactants experienced a decline of nearly 3 percent in its share price following the release of disappointing earnings results for the fourth quarter. The manufacturer of performance surfactants and specialty care products reported an 8 percent year-on-year decline in net profit, amounting to Rs 90.5 crore in Q4FY23. Additionally, there was a 14.8 percent sequential decline when compared to the previous quarter. In the corresponding quarter of the previous fiscal year, the company had reported a net profit of Rs 98.4 crore.
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In conclusion, the Indian equity market encountered a volatile trading session on May 24, resulting in the closure of the Sensex and Nifty in the red. While certain stocks showcased notable gains, others experienced losses due to various factors such as company earnings, market sentiment, and industry performance. Investors and market participants closely monitored these developments, adjusting their investment strategies accordingly.