Stock Market: Two Tech Stocks Whet Appetites With Q2 Results
Image credit X.com @NSEIndia
Netweb Technologies & Tejas Networks Shine With Q2 Results
By S Jha
New Delhi, October 20: The Friday session in the stock market showed return of risk-on. The turnaround in the sentiments came on the back of better global cues.
The US bourses also ended the session on Friday with gains. The major bourses in the US extended their gains at record levels. The better quarterly results brought the bulls with risk-on.
Over the weekend, several listed companies came out with their second quarterly results. The Friday session reacted to the Q2 results of Infosys and Wipro.
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Infosys shares were punished for not meeting the street expectations. The IT major saw almost four per cent cut in the Friday session.
In contrast, Wipro gained almost four per cent. Wipro continues to get investors’ confidence for its aggressive bets on AI and digital forays.
But two small tech plays also came out with their second quarterly results. They have whetted the appetites of the investors.
Netweb Technologies announced the second quarterly results. Netweb Technologies India (NTI) was incorporated in 1999. It is one of India’s leading high-end computing solutions (HCS) providers. The company claims to have fully integrated design and manufacturing capabilities.
Netweb Technologies announced an almost 70 per cent jump in revenue and profit in the second quarterly results. The shares of Netweb Technologies have gained over 60 per cent in the last six months. The scrip held its level in the last one month when major scrips saw sharp corrections.
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Netweb Technologies reported a revenue of ₹251 crores in the September quarter. In the June quarter, Netweb Technologies had reported sales of ₹149 crores. It reported an operating profit of ₹36 crores in the September quarter. The profit in the June quarter was ₹20 crores.
The face value of shares of Netweb Technologies is ₹2. Netweb Technologies reported an improvement in the earning per share, from ₹2.74 to ₹4.56.
The foreign institutional investors also raised stakes in Netweb Technologies, from 10.22 per cent in June quarter to 12.13 per cent in September. The domestic institutional investors also hiked stakes in Netweb Technologies, from 4.32 per cent to 5.59 per cent in September quarter.
Tejas Networks also reported the September quarterly results after the market hours. The telecom and tech play reported a sharp jump in revenue and profit for the September quarter.
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Tejas Networks reported sales of ₹2811 crores in the September quarter against ₹1563 crores in June quarter. The operating profit jumped from ₹230 crores to ₹535 crores in the September quarter.
Tata-owned Tejas Networks also reported earning per share of ₹16.07 in the September quarter against ₹4.53 in the June quarter. The face value of the shares of Tejas Networks is ₹10.
Disclaimer: This article makes no recommendation for buy or sell of shares of any company.
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