Overnight Digest: Keep these stocks on your radar on October 9

Market Overview

Nifty has shown resilience by opening with a gap-up at 19,621.2 The bulls were in control of the market for most of the day, with the index hitting a new intraday high of 19,675.75 in the early afternoon. However, the bears pushed the index down from its intraday high. The index closed at 19,653.5 on Friday, October 6, 2023, up 32.3 points or 0.16% from its previous close.

Nifty Midcap100 and Nifty Smallcap100 also followed the mildly bullish trend of the benchmark Nifty50.

Here are the five Mid and small-cap stocks to keep an eye on: – 

1. Walchandnagar Industries Ltd (CMP- 125.7)

   Ace investor Ashish Kacholia is to buy 17,500,000 warrants of the company. WaIchandnagar Industries Limited recent financial performance has been mixed. Net sales increased by 3.66% year-over-year (YoY) to Rs 67.19 crore in the quarter ended June 30, 2023. However, net profit declined by 13.76% YoY to Rs 3.73 crore due to higher raw material costs and expenses. The company’s strong order book of Rs 2,500 crore provides visibility for future growth.

2. Avantel Ltd (CMP- 271.85)

   The company has received a Supply Order worth Rs 10.39 crore vide mail dated October 6, 2023, from Material Organisation, Mumbai. Avantel Limited’s recent financial performance (as of March 31, 2023) has been robust, with significant year-over-year (YoY) growth in both revenue and net profit. Revenue from operations increased by 12.2% to Rs. 238.97 crore, while total income increased by 12.3% to Rs 239.46 crore. Net profit surged by 25.1% to Rs 29.98 crore, and operating margin improved from 10.9% to 12.6%.

3. Welspun Specialty Solutions Ltd (CMP- 37.22)

   Welspun Specialty Solution has received orders for an aggregative amount of Rs 12.64 crore (including taxes) for the supply of Stainless-steel Pipe from a domestic customer, and unrelated party. WSL’s recent financial performance has been strong. In the quarter ended June 30, 2023, the company’s net sales stood at Rs 1,280 crore, up 23.66% year-on-year (YoY). Its net profit also increased by 25.56% YoY to Rs 210 crore. The growth in net sales and net profit was attributed to higher volumes and better margins. The company’s EBITDA margin also expanded to 16.7% in Q1FY24 from 15.8% in Q1FY23.

4. PNB Gilts Ltd (CMP- 89.89)

   The PNB Gilts stock price is trading near the all-time high of Rs 94.65. This stock has observed a huge volume surge in the past two trading sessions. The company’s recent financial performance has been impressive, with both revenue and net profit posting robust year-over-year growth. Total revenue increased by 56.29% to Rs 442.93 crore in the quarter ended June 30, 2023, while net profit surged by 42.71% to Rs 57.87 crore.

5. Mahindra Holidays & Resorts Ltd (CMP- 433.80)

   This stock broke its 52-week high and all-time high in today’s trading session. For the financial year ended March 31, 2023, MHRIL reported a consolidated total income of Rs 2,272.24 crore, a 31.15% increase from the previous financial year. The company’s consolidated net profit after tax for the financial year was Rs. 309.67 crore, a 19.55% increase from the previous financial year. The Indian vacation industry is expected to grow at a CAGR of over 15% in the next five years.

Disclaimer : Above stocks are not recommendations. Investments in securities market are subject to market risk. Please take advice from a professional before investing.