JSW Energy: This electricity utility company is the most overbought stock according to technical indicators RSI and MFI. The company’s stock is up nearly 54% over the past month and touched a 52-week high of Rs 258.30 on Wednesday. The stock is trading above all its simple moving averages.
Mindtree: This IT services company saw eight brokerages increase their target price over the past one month. Even after this, the company has an average target price of Rs 2,439.91, and is currently trading at a TTM PE of around 37 times. Over the past year, the stock has risen nearly 2.5 times. The company’s revenues in dollars in Q1FY22 rose 7.7% QoQ to $311 million, with most verticals seeing robust growth. At this run rate, the company is set up to post another year of over $1 billion revenues. It also recorded all-time high bookings in Q1FY22
Indo Count Industries: This textile maker is the best performing stock among Nifty 500 companies, rising nearly 31% over the past week. The stock is trading above all its simple moving averages. Over the past one year, the company saw a remarkable recovery in its fortunes after suffering a debilitating blow due to the first wave of the pandemic when its revenues dipped to Rs 336 crore in Q1FY21 (vs Rs 425 crore QoQ) and profits were at Rs 18 crore. Since then, pent-up demand led to revenues doubling to over Rs 700 crore for the first time and remaining above that level. It will be interesting to see how the company fared with the second wave of the pandemic when its results are out on Tuesday.
Swan Energy: This diversified company’s stock was the highest gainer during trade on Thursday and also clocked its highest volumes in a week. As a result, the company’s stock touched a 52-week high of Rs 175.85 during trade. The stock traded with nearly 4.6 times its weekly average volumes as 70 lakh shares exchanged hands on Thursday.
Johnson Controls-Hitachi Air Conditioning India: This air conditioning solutions company saw the highest rise in promoter pledge in Q1FY22 when its promoter JHCAC India Holdco pledged 32.3% of its shareholding in the company on May 28, 2021. This amounts to 24% of the company’s outstanding shares. The shares were pledged to secure the loan given by promoter group entities in Taiwan--Johnson Controls-Hitachi Air Conditioning Sales Taiwan Co and Johnson Controls-Hitachi Air Conditioning Taiwan Co. Essentially, the company’s promoter pledged shares to secure revolving credit facilities for two other promoter group companies that don’t hold shares in Johnson Controls-Hitachi Air Conditioning India.