These stocks have zoomed between 65 per cent and 110 per cent from the respective lows touched in June 2024.
Among the individual stocks, Shakti Pumps (India) (SPIL) hit a new high of Rs 4,930.20, up 5 per cent on the BSE, rallied 16 per cent in four trading days. The company on Friday, August 2, has received Letter of Intent (LoI) from the Department of Agriculture, Uttar Pradesh for 12,537 pumps for the entire state of Uttar Pradesh under Component-B of PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) scheme (Phase-III). The total value of the work order is approximately Rs 558.16 crore (inclusive of GST) which is to be executed within March 31 2025.
The stock price of SPIL has been more than doubled or zoomed 110 per cent from Rs 2,347, touched on June 4, 2024.
SPIL is a leading manufacturer of solar stainless-steel submersible pumps, pressure booster pumps, pump-motors, controllers, and inverters among other products. SIPL has a strong market position in solar pumps under the PM-KUSUM scheme. Apart from catering to government orders from nine states under KUSUM, SPIL caters to non-KUSUM government orders sourced from Maharashtra and Chhattisgarh-based government entities.
SPIL said the solar pump industry, through the PM KUSUM Scheme led by the Government, has huge opportunities ahead as it is estimated that there are over 1.4 million solar pumps under Component B (Off Grid Pumps) and 3.5 million solar pumps under Component C (On Grid Pumps) to be installed.
Shares of Gokul Agro Resources (GARL) surged 17 per cent to Rs 229.55 in intra-day today, after the company reported robust consolidated net profit of Rs 54.03 crore in June quarter (Q1FY25). The edible oil company posted profit of Rs 24.4 crore in Q1FY24. The stock bounced back 76 per cent from its June month low of Rs 130.25.
GARL is one of the leading and fastest growing company engaged in production, distribution & exports of various Edible, Non-Edible oils & its derivatives & Feed Meals.
The Government of India is taking measures to increase the domestic production of edible oil seeds. Initiatives like ‘National Mission on Edible Oils’ and ‘Oil Palm Development Programme’, increasing the minimum support prices of oilseed crops, creation of buffer stock for oilseeds are being implemented by the Government to boost the production.
There is a continuously increasing edible oil demand due to rapid urbanisation, changing dietary patterns and the growth of the food processing sector. India’s population and low per capita consumption is continuously increasing which will boost the sector significantly, the company said.
Shares of GHCL Textiles hit a new high of Rs 116.55, as they rallied 11 per cent in today’s intra-day trade amid heavy volumes. The stock of a leading yarn manufacturer and exporter in India has zoomed 70 per cent from its June month low of Rs 68.50.
The Company produces value-added yarn such as GIZA, SUPIMA, Australian, and CmiA Yarn, Woven and Knitted Fabric for the domestic and international markets. Business expansion of 25 thousand spindles has positioned the company well for medium-term benefits.
The management believes that the Union Budget has several measures aimed at enhancing competitiveness, boosting exports and modernising the industry, which will have long-term positive impact on the Indian textile sector.
Higher allocation for the Ministry of Textiles from Rs 3,400 crore in FY24 to Rs 4,400 crore in FY25 to stipulate government focus on expanding and strengthening the textile and garment sector. The government reduced custom duty on Methylene Diphenyl Diisocyanate (MDI) for the manufacture of spandex yarn to 5.0 per cent from 7.5 per cent.
Shares of Pokarna rallied 10 per cent to Rs 844.10, while, Foseco India surged 8.5 per cent to Rs 5,425 on the BSE in intra-day trade. These stock have zoomed 61 per cent and 65 per cent, respectively, from their respective lows touched in June this year.
First Published: Aug 05 2024 | 2:45 PM IST
