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Shares of Deep Industries Ltd. gained on Friday after it announced a new joint venture agreement with Euro Gas Systems SRL, on Thursday. The venture will involve supplying oil field equipment to the oil and gas industry. Previously, the company got a Letter of Award from Oil and Natural Gas Corporation Ltd. for the charter hire of a single 90 mega tonne mobile drilling rig with integrated mud services and METP. The overall presented value of the award is around Rs 130 crore, and the order is to be completed within three years of the contract's start date. Shares of the company rose 2.78% to Rs 208.70 apiece compared to a 0.17% advance in the Nifty 50 as of 10:12 a.m. Shares hit an intraday high of 5.25% The total traded quantity so far in the day stood at 6.2 times the 30-day average volume. The stock's relative strength index stands at 72, indicating that it may be overbought. Shares of GMR Power and Urban Infra Ltd. jumped 20% and hit the upper circuit on winning an order to install smart metres in Uttar Pradesh. GMR Smart Electricity Distribution had received an order from Purvanchal Vidyut Vitran Nigam Ltd. and Dakshinanchal Vidyut Vitran Nigam Ltd. to install and maintain 75.69 lakh smart metres in the Purvanchal and Dakshinanchal areas of Uttar Pradesh, according to an exchange filing from Thursday. Shares of the company surged 15.4% to Rs 23.2 apiece as of 9:40 am, compared to a 0.28% advance in the NSE Nifty 50. The scrip rose as much as 20% intra-day, making it the highest-ever intraday jump for the stock . Total traded volume stood at 93.5 times its 30-day average. The relative strength index was at 77, implying that the stock maybe overbought. Senco Gold shares listed at Rs 431 per share on the BSE, a premium of 35.96% to its IPO price of Rs 317. On the NSE, the stock listed at Rs 430 apiece, a 35.65% premium. Its IPO was subscribed 73.35 times. Source: BSE, NSE Shares of JBM Auto hit a lifetime high after the company and its units bagged multiple orders for the supply of 5,000 electric buses to several states in India. Orders were received from state transport undertakings in Gujarat, Haryana, Delhi, Telangana, and Orissa, among others. It will also supply the busses to multiple Fortune 500 companies. Various busses such as a city bus, staff bus, tarmac coach, etc. in both, 9 meters and 12 meters categories will be delivered for these orders. The scrip rose 11.49% to Rs 1,467.15 apiece, compared to a 0.3% advance in the NSE Nifty 50 at 9:47 a.m. The stock rose nearly 16.99% intraday, to hit a fresh record high at Rs 1,539.6 apiece. The scrip has risen 184.5% on a year-to-date basis. Total traded volume stood at 6.4 times its 30-day average. The relative strength index was at 70.3, implying that the stock maybe overbought. One analyst tracking the company, suggests to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 52.9%. Shares of Wipro Ltd. rose the most in over a month after the company raised its revenue guidance for the September quarter and its top line declined in the seasonally strong June quarter. Company's net profit was down 6.63% to Rs 2,870 crore, as compared to the Bloomberg estimate of Rs 2,989 crore. The company now expects revenue from its IT services business to be in the range of $2.72 billion to $2.80 billion in the July-September quarter. That equates to a sequential guidance of -2.0% to +1.0% in constant currency terms. Wipro: Q1 FY24 (Consolidated, YoY) Revenue down 1.54% to Rs 22,831 crore. (Bloomberg estimate: Rs 22,992 crore) EBIT at Rs 3,458 crore versus Rs 3,659 crore. (Bloomberg estimate: Rs 3,612 crore) Margin at 15.14% versus 15.77%. (Bloomberg estimate: 15.7%) Net profit down 6.63% to Rs 2,870 crore. (Bloomberg estimate: Rs 2,989 crore). The scrip rose 0.15% to Rs 394.85 apiece, compared to a 0.39% advance in the NSE Nifty 50 at 9:30 a.m. The stock rose nearly 1.7% intraday, to hit Rs 400.95 apiece, the most in over a month since June 9, 2023. The scrip has risen 0.52% on a year-to-date basis as compared to 4.47% advanced in the Nifty IT Index in the same period. Total traded volume stood at 2.9 times its 30-day average. The relative strength index was at 56. Of the 47 analysts tracking the company, 11 maintain a 'buy' rating, 18 recommend a 'hold' and 18 suggests to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 3.7%.
Read more: bloombergquint
