Hitachi Energy India jumps 12% in seven days; here's why
Hitachi Energy India increased its gains for the sixth trading day, rising 3.59% to Rs 3,394.85.
Frontline market indices Sensex and Nifty50 experienced significant losses on Monday as worries about further aggressive increases in benchmark interest rates continue to burden investors around the world.
Steady rise in Hitachi shares
From its most recent closing low of Rs 2,990.40 on February 15, 2023, shares of Hitachi Energy India increased 12% throughout five trading sessions. So far, 4,197 shares have been traded in the counter on the BSE, compared to 1,102 shares each day on average over the previous two weeks. On March 3, 2022, the stock reached a 52-week high of Rs 4,042.60, while on May 11, 2022, the stock reached a 52-week low of Rs 2,750.10.
Throughout the previous month, the stock had outperformed the market, rising 11.86% as opposed to the Sensex's decline of 0.18%. Today, the volume of the stock increased by more than 4.77%, and the share price rose to Rs 3368.75. The stock had outperformed the market over the previous three months, rising 16.81% compared to the Sensex's drop of 4.93%. The counter, however, had also outpaced the market over the previous year, rising 6.57% as opposed to the Sensex's 6.03% increase.
Comparing Q3 FY23 to Q3 FY22, the company's net profit decreased by 92.6% to Rs 4.58 crore (USD 61.66 million). In Q3 FY23, net sales fell by 8.9% annually to Rs 997.36 crore.
Around 10,000 projects have been installed by Hitachi Energy India, the largest provider of grid connections and power quality solutions in the world. Over 800 of these projects connect renewable energy sources to the grid. Hitachi Energy India is the official name of the company that conducts business in India (formerly known as ABB Power Products and Systems India).
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