The S&P BSE Smallcap index
hit a new high of 16,043 on BSE in intra-day trade, after a strong gain in fertilizers, agrochemicals, sugar, information technology (IT) and telecom related stocks. The index surpassed its previous high of 16,019 hit on July 13, 2017 during intra-day trade.
Sterlite Technologies, Astech Lifesciences and Triveni Engineering & Industries rallied more than 10% each, while HEG, Graphite India, Mastek, Just Dial, Aksh Optifibre, Texmaco Rail & Engineering, Smartlink Network Systems and RS Software were up between 5% and 9% on BSE.
Sterlite Technologies surged 14% to Rs 196, extending its Wednesday’s 9% surge on BSE, after the company reported highest ever quarterly revenues driven by strong order book and export sales in June quarter (Q1FY18).
The company’s net profit during the quarter under review grew by 61% to Rs 61 crore on back of 23% rise in revenues of Rs 744 crore over the previous year quarter. It reported the highest ever quarterly export sales of Rs 320 crore and highest order book of Rs 3,140 crore during reporting quarter.
Mastek, too, soared 11% to Rs 398, after its 20% surge yesterday. The company reported more than six-fold jump in its consolidated net profit at Rs 14.66 crore in Q1FY18. The IT software products company had profit of Rs 2.34 crore in June 2016 quarter. It had profit of Rs 10.5 crore in March 2017 quarter.
On constant currency terms, the revenue growth was 5.3% on sequential basis. EBITDA (earnings before interest, tax, depreciation and amortization) margin expanded 170 basis points to 13.2% in Q1FY18 as against 11.5% in Q4FY17, Mastek said in a press release.
At 10:40 am; the Smallcap index was up 0.26% as compared to a marginal 0.01% rise in the benchmark S&P BSE Sensex.