Q4 results impact: Tube Investment, Astral, Suryoday SFB rally up to 8%

Shares of Tube Investment of India, Astral, and Suryoday Small Finance Bank rallied up to 8% in Tuesday's intra-day trade after the firm reported strong March quarter results.

Tube Investment of India
Shares of auto components and equipment firm Tube Investment of India surged 5.5% to Rs 2,792.3 in today's intraday trade on BSE after the company's standalone net profit jumped as much as 84% to Rs 251 crore during the March quarter, compared with Rs 136 crore in the corresponding quarter of last year.

Its revenue from operations, however, fell 4% to Rs 1,558 crore in the same period. The same stood at Rs 1,628 crore in the same quarter last year.


Segment-wise, for the engineering business, revenue for the quarter was at Rs 1,044 crore, compared with Rs 1,030 crore in the year-ago quarter. Revenue from the metal-formed products rose 4% to Rs 347 crore for the quarter under review.

At 10.14 am, the stock was trading 4.1% higher at Rs 2,753.7. The stock has also risen 59% in the last year.

As per Trendlyne data, the average target price of Tube Investment of India is Rs 2,908, which shows an upside of 5.6% from the current market prices. The consensus recommendation of six analysts for the stock is a Hold.

Astral
Shares of plastic player Astral rallied 7.8% to Rs 1,718.6 in today's intraday trade on BSE after the firm reported a 45.5% YoY jump in net profit at Rs 205.7 crore for the fourth quarter that ended March 31, 2023. In the corresponding quarter last year, the company posted a net profit of Rs 141.4 crore.

In the March quarter, total revenue stood at Rs 1,506.2 crore during the period under review, up 8.3% against Rs 1,390.6 crore in the corresponding period of the preceding fiscal.

At 10.19 am, the scrip was trading 6.9% higher at Rs 1,705 on BSE. On a year-to-date basis, the stock has surged 16%, while it has climbed 33% in the last year.

As per Trendlyne data, the average target price of Astral is Rs 1,615, signalling a downside of 5.3% from the current market prices. The consensus recommendation of 20 analysts for the stock is a Hold.

Suryoday Small Finance Bank
Shares of Suryoday Small Finance Bank rose as much as 7.5% and hit a 52-week high of Rs 134.5 in Tuesday's trade after the bank reported a net profit of Rs 39 crore against a loss of Rs 48 crore in the year-ago period, backed by renewed business momentum and improvement in asset quality.

Its net interest margin rose to 10.4% for the quarter under review compared with 7.8% in the year-ago quarter. Net interest income rose around 27% at Rs 747 crore compared with Rs 585 crore, while total income rose nearly 25% at Rs 844 crore.

As per Trendlyne data, the average target price of Suryoday SFB is Rs 164, an upside potential of 26% from the current market prices. The consensus recommendation of two analysts for the stock is a Strong Buy.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)