This stock is up 14% on the budget day!
The stock is up more than 36% in just the last two trading sessions.
On February 1, Finance Minister Nirmala Sitaraman announced the 2023 union budget. The budget was decent enough to let the market trade in the green. At 2:20 pm, the Sensex is trading at 59,774.97, 0.38% up on the day. Regarding sectoral performance, Banks and Metals are outperforming, while Utilities and Telecom are the top losers. Talking about stock-specific action, Apar Industries is among the top gainers in BSE group ‘A’.
Apar Industries announced its Q3FY23 results yesterday. The Q3FY23 revenue came in at Rs 3916 crore, registering a staggering 76.34% YoY growth. While the net profit more than tripled from Rs 54.9 crore in Q3FY22 to Rs 169.9 in Q3FY23. This excellent result led the stock to trade 14% higher on the day. The stock opened at Rs 1750 and so far, the stock has made an intraday high and low of Rs 1999 and Rs 1750, respectively. At 2:30 pm, the stock is trading at Rs 1921.7.
Apar Industries Ltd is a highly-trusted manufacturer and supplier of conductors, a wide variety of cables, speciality oils, polymers and lubricants. Established in 1958, it exports to over 140 countries, serving more than 10 industries. According to FY22, about 38.2% of the revenue comes from exports while 61.8% comes from the domestic market. As per the FY22 period ending, the company has an ROE and ROCE of 16.22 per cent and 28.51%, respectively.
It operates mainly into four segments- conductors, electrical, telecom and elastomer cables, speciality oils and lubricants (auto & industrial). Power Grid Corporation of India Limited, Adani Group and Mazagon Dock Shipbuilders are among the major clients of the company.
About the shareholding pattern, 60.64% of the company’s stake is owned by the promoters, 6.73% by FIIs, 17.53% by DIIs and the rest 15.1% by non-institutional investors.
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