The domestic equity market traded in a narrow range by midday on July 30, with the Nifty 50 hovering around the 24,281 level and the BSE Sensex hovering near 77,755. Stock-specific action dominated the session as investors reacted to June-quarter earnings, fresh listings and corporate updates, while the broader market remained largely steady.
Here are the top movers and shakers at this hour:
MTAR Technologies
MTAR Technologies Ltd. share price surged 5% by midday after the company reported a sharp improvement in its June-quarter earnings. Consolidated net profit jumped 364.5% year-on-year to Rs 50.22 crore, while revenue from operations rose 129% to Rs 360.72 crore. Although input costs climbed 120% to Rs 204.31 crore, strong revenue growth supported profitability. EBITDA stood at Rs 85.1 crore with a margin of 23.6%, while the company’s order book remained strong at Rs 5,143.3 crore.
Redington
Stock price of Redington Ltd. surged more than 18% by midday after the technology solutions provider reported its highest-ever quarterly revenue and profit for the June quarter. Consolidated profit after tax climbed 77% year-on-year to Rs 486 crore, while revenue increased 35% to Rs 34,922 crore. EBITDA rose 76% to Rs 707 crore and margin improved to 2.02% from 1.55% a year earlier. India delivered particularly strong growth, with revenue rising 63% and profit after tax increasing 60%, supported by enterprise deals, premiumisation in mobility and healthy demand across cloud and cybersecurity.
KPIT Technologies
KPIT Technologies Ltd. share price fell nearly 8% by midday after the software company’s June-quarter earnings and margin performance disappointed the market. Consolidated net profit stood at Rs 117 crore, while revenue from operations declined 2% sequentially to Rs 1,675 crore and constant currency revenue fell 3.6%. EBITDA dropped 13% quarter-on-quarter to Rs 272 crore, with EBITDA margin narrowing to 16.21% from 18.18% in the previous quarter.
Waaree Energies
Waaree Energies Ltd. share price declined more than 6% by midday after investors focused on margin pressure despite another quarter of strong earnings growth. The company reported a 14% year-on-year increase in consolidated net profit to Rs 850 crore, while revenue from operations jumped 79% to Rs 7,932 crore. However, cost of materials consumed rose 63.5% to Rs 4,843.93 crore, resulting in EBITDA margin contracting to 18.15% from 22.53% a year ago, even though EBITDA increased 44% to Rs 1,440 crore. The solar panel manufacturing business remained the largest contributor, with segment revenue rising 91% year-on-year to Rs 7,399.82 crore.
Lohia Corp
Stock price of Lohia Corp gained more than 8% by midday after making its stock market debut at a premium over its IPO issue price. The public issue was subscribed 7.25 times, with qualified institutional buyers leading demand, while the retail portion was subscribed 2.77 times. The Rs 1,101.28 crore offering was entirely an offer for sale, with proceeds going to the selling shareholders. Ahead of the issue, the company had raised Rs 492 crore from anchor investors.