Stock market today: Milky Mist Dairy, Vardhman Textiles, Godrej Agrovet among top gainers
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Milky Mist Dairy Food, Vardhman Textiles, Manali Petrochemicals and Godrej Agrovet gained despite a weak broader market.
Indian benchmark indices traded largely flat in morning deals on Tuesday, September 1, as better-than-expected GDP growth data offered some support while rising crude oil prices and fresh tensions in the Middle East kept sentiment cautious.
The Nifty 50 was little changed at 24,075.95, while the Sensex was up 78.48 points at 77,035.75 as of 11:04 IST.
The broader market remained weak, with the Nifty Midcap index down more than 1% and the small-cap index falling 0.3%. Most sectoral indices were also trading lower.
Despite the cautious market, some stocks saw strong buying. Vardhman Textiles was among the biggest gainers, rising 11.7%, while Milky Mist Dairy Food gained 9.5%, Manali Petrochemicals rose 8% and Godrej Agrovet climbed 10%.
Milky Mist Dairy Food shares rise after strong Q1 results
Milky Mist Dairy Food shares jumped more than 9% after the recently listed dairy company reported a sharp rise in profit for the June quarter.
Profit after tax increased nearly nine times to ₹65 crore in Q1, from ₹6.53 crore in the same quarter last year. Revenue from operations rose 43.6% year-on-year to ₹973.45 crore from ₹678.09 crore.
Growth was spread across product categories, with ice cream, curd and yoghurt among the key contributors. The company said the extended summer, particularly across South India, supported demand during the quarter.
Operating performance also improved. Gross profit rose 56.1% to ₹333.02 crore, taking the gross margin to 34.21% from 31.46% a year earlier.
EBITDA increased 74.5% to ₹144.89 crore from ₹83.02 crore, while the EBITDA margin improved to 14.88% from 12.24%.
Milky Mist Dairy Food made its stock market debut earlier this month after its IPO. The shares were listed at an 18% premium to the issue price of ₹140.
The stock opened at ₹229.30 on the BSE and touched a high of ₹231 and a low of ₹222 during the session.
Vardhman Textiles, Manali Petrochemicals shares extend gains
Vardhman Textiles shares rose as much as 12% on Tuesday, extending their recent rally. The stock has gained nearly 43% so far this year and around 49% over the past 12 months.
Despite the gains, the stock was still around 10% below its 52-week high of ₹688.
Manali Petrochemicals also saw strong buying interest, with the stock gaining 8% during the session. It opened at ₹83.62 on the BSE and touched an intraday high of ₹87.99.
The stock has gained 34% in the past month, 45.87% in three months and 57% in six months. Its year-to-date gain stands at around 38%.
Godrej Agrovet shares surged around 10% on Tuesday, extending their recent gains. The stock has risen 23.52% over the past month, reflecting strong buying interest.
The stock opened at ₹638.25 on the BSE and touched an intraday high of ₹689.25 and a low of ₹633.85 during the session.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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