EV Maker Stock Gallops amid Rise in Equity Market
Stock Market & BSE Bull ! (Image credit BSE India)
Nifty Today: EV Stock Gains 48% in 6-Day Bull Run
By S Jha
New Delhi, March 18: Nifty on Tuesday went on fast lane to post strong gains. Bank Nifty trended with subsiding inflation. Weakening of the dollar index sent the stock market soaring on Tuesday.
“Ahead of the FOMC meet, markets finally exhibited strength. Nifty 50 moved beyond its consolidation by giving a gap up opening,” said StockEdge in a post-market commentary on its Telegram channel.
The Kolkata-based equity advisory firm also stated that “a sustained rally was seen, driving up the index above 22800. A follow up, up move tomorrow is needed and we may see the index reclaiming the 23K levels.”
The US Federal Reserve meeting outcomes are being watched this week. But the subsiding of inflation in the US and India cheered the equity markets.
Also, Prime Minister Narendra Modi’s podcast message to US President Donald Trump brought confidence among investors. Besides, domestic institutional investors upped their war chest to spur the equity market.
“Nifty Bank finally gave a sustainable up move, gaining over 2% today and reclaiming the 49k mark. All the stocks from the index were trading positive,” added StockEdge.
With sentiments turning positive, stocks were buzzing with gains. Shares of KPT Industries were locked in another 20 per cent gains on Tuesday. The stock had galloped by 20 per cent yesterday also. Shares of KPT Industries have gained over 30 per cent in under five sessions of trade.
Shares of KPT Industries had hit an all-time high last year. Shares of KPT Industries were trading at ₹1309 on October 9 last year.
But shares of KPT Industries went into deep corrections afterwards. The scrip slid to a low of ₹554 on March 12 this year. It gained almost 48 per cent in just about six days.
Shares of KPT Industries are currently trading at a PE valuation of 19. The face value of the scrip of ₹5. The return on capital employed (RoCE) and return on equity (RoE) for KPT Industries stand at 24.4 per cent and 24.3 per cent respectively.
Incorporated in 1976, KPT industries Ltd is engaged in the business of manufacture of power tools, blowers and e-vehicles. The market cap of the company is just ₹278 crores. However, it was not immediately known why the scrip is locking in consecutive upper circuits.
(Disclaimer: This article makes no recommendation for buy or sell of shares of any company)
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