5 midcap stocks that investors should have on their radar June 08

Check out the midcap companies making headlines in the morning trade session.  

Among the midcap companies, Mangalore Refinery, KIOCL, Rites, PNB Housing Finance, and ZEE Entertainment, are among the stocks in the news on Wednesday. Let us see why!

Mangalore Refinery & Petrochemicals: The company has hit a fresh 52-week high on consecutive two days. Yesterday, the stock had rallied by about 19% and today it has soared by about 11.5%. Such a bull run is expected to be driven by a strong business outlook. The gross refining margin (GRM) was a record high in Singapore which augurs well for Indian refiners. The company is expected to post a robust earnings picture in the future. At 10:30 am on Wednesday, the stock was trading at Rs 120.80, up 11.5% or Rs 12.45 per share.

KIOCL: The stock witnessed a slight gap down of about 0.6% today as the company announced that its Pellet Plant operation at Mangalore has been suspended in view of unviable operation due to levy of duty on export of Pellets by Govt. of India vide its notification dated 21.05.2022. For Q4, the revenue was up by 23.4% YoY to Rs 1,138.75 crore and net profit was almost flat at Rs 194 crore. At 10:30 am on Wednesday, the stock was trading at Rs 195.50, slightly up by 0.2%.

PNB Housing Finance: This midcap financial services provider is trending on Dalal Street as the stock is one of the top gainers in the A group on the BSE. The company has announced that the board will consider raising funds through the issuance of non-convertible debentures amounting to Rs 2,000 crore on private placement basis. The approval of the same will be discussed in its upcoming board meeting on 14th June 2022. At the time of writing, shares of the company were trading at Rs 349.60, up by 6%, or Rs 19.65 per share.

Rites Ltd: RITES Ltd., the leading Transport Infrastructure Consultancy and Engineering company, signed a memorandum of understanding (MoU) with Grands Trains DU Senegal (GTS-S.A), a railroad company of Senegal, on technical cooperation with in the railway sector. Sanjay Agarwal, executive director of Rites said, “The MoU with Grands Trains DU, Senegal, will pave the path towards export of new technologies and training practices as we continue to leverage our consulting and technical expertise across the world. We believe that the steady supply of high-quality locomotives, coaches, wagons, DEMUs, and other equipment will unlock the potential of railway excellence in Senegal.” At 10:30 am on Wednesday, the stock was trading at Rs 246.65, up 0.63% or Rs 1.55 per share. 

Zee Entertainment: ZEEL is one of the leading media and entertainment companies in India, by revenue and market share. The company has disclosed that Life Insurance Corporation (LIC) has increased its stake in the company from 4.988% to 5.008% by purchasing 2 lakh equity shares. At the time of writing, the stock was trading at Rs 242, up 1.66% or Rs 4 per share.