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Multibagger aerospace and defence company signs contract with Airbus 

Hindustan Aeronautics Limited and Airbus have signed a contract to establish a civil MRO facility for the A-320 family of aircraft in Nashik, India. This collaboration will strengthen the Make-in-India mission by achieving self-reliance in the aircraft MRO industry. Airbus will supply the A320 family tool package and offer consulting services to HAL to establish the MRO facility. The facility is expected to be operational by November 2024 and will cater to the growing demand for MRO services in India and the Asian region. 

HAL has also formed a joint venture called Safhal Helicopter Engines Private Limited with Safran Helicopter Engines to design, develop, certify, produce, sell, and support helicopter engines, with a focus on engines for the Indian Multi-Role Helicopter (IMRH) and Deck Based Multi-Role Helicopter (DBMRH) projects. The company also reported robust Q2FY24 results, with net sales growth of 9.54 per cent to ₹5,635.70 crore. The operating profit increased by 6.18 per cent, and net profit stood at ₹1,232.29 crore, up 1.1 per cent from the previous year's same quarter. The stock has delivered multibagger returns of over 400 per cent in the last three years. Additionally, FIIs increased their stake in the company in September 2023. HAL has an order of ₹82,000 crore. 

Garden Reach Shipbuilders bags new order worth ₹840 crore! 

Garden Reach Shipbuilders & Engineers has received a letter of intent from the National Centre for Polar and Ocean Research (NCPOR) for the construction and delivery of an ocean research vessel. The total contract value is approximately ₹840 crore, including taxes. 

The company posted strong Quarterly Results in Q2FY24. The revenue of the company stood at ₹897.91 crore which grew by 31.74 per cent YoY. The operating profit of the company stood at ₹120.32 crore, while the PAT of the company stood at R₹80.74 crore, representing an impressive growth of 37.48 per cent YoY. The company has an order book of ₹24,546 crore as of August 2023. The company is also actively bidding for new projects, including the 14 Hospital Vessel project and the 6 Ocean-Going Patrol Vessel project for the Indian Coast Guard. The stock has delivered multibagger returns of about 300 per cent in the last three years. Additionally, FIIs increased their stake in the company in September 2023. The company is a premier shipbuilding company in India under the administrative control of the Ministry of Defence, primarily catering to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. GRSE is a diversified, profit-making and the first Shipyard in the country to export warships and deliver 100 warships to the Indian Navy and Indian Coast Guard. 

LIC-backed multibagger company announces stellar results; stock gains 250 per cent in a year

BSE Ltd's equity derivatives market share has grown significantly from April to September 2023, reaching 7.4 per cent after the introduction of BANKEX derivatives contracts. This growth has boosted the company's revenue. In Q2 FY24, BSE Ltd exhibited robust financial performance, with a significant quarter-on-quarter revenue increase of 45.87 per cent, reaching ₹3,145 crore. The company has recorded Profit before Tax of ₹163 crore, which has seen growth of 352.77 per cent year-on-year basis and 66.32 per cent quarter-on-quarter basis. While assessing the figures on a year-on-year basis, both Revenue from Operations and Net Profit demonstrated substantial growth, marking 59.08 per cent and an impressive 302.72 per cent increase, respectively. The most impressive jump is showcased in the cash flow statement, with Cash Flow from Operations recorded at ₹1,864 crore, marking a remarkable leap of 2,362.59 per cent from previously negative cash flows. Suggesting positive momentum for the company's financial health in the past year. In the first half of FY24, Revenue surged by 37.8 per cent, reaching to ₹5,301 crore, reflecting strong business operations and increased market demand. The Net Profit recorded an impressive growth of 704.8 per cent, rising to ₹5,585 crore, indicating a significant improvement in profitability. Life Insurance Corporation of India holds a notable stake of 5.59 per cent in BSE Ltd. In the last one year, the stock has registered a substantial increase of 254.47 per cent. 

Ashok Leyland gears up for EV revolution with an investment of ₹1,200 crore 

In a strategic move, Ashok Leyland Ltd, a key player in the commercial vehicle sector, has given the green light to invest a whopping ₹1,200 crore in Switch Mobility. This massive infusion will be facilitated through its holding company, Optare PLC in the UK, underlining Ashok Leyland's commitment to embracing the electric vehicle revolution. 

The funds infused for this ambitious venture are set to fuel capital expenditure, research and development endeavours, and address operational needs on both the UK and Indian fronts. The stage is now set for a substantial revamp in Ashok Leyland's electric mobility arm, as the funds are poised to roll out over the next few months, pending essential statutory approvals, in a series of financial tranches. 

Switch Mobility, encompassing entities such as Switch Mobility Ltd in the UK and Switch Mobility Automotive Ltd in India, is the cornerstone of Ashok Leyland's electric mobility initiative. The focus here is firmly on electric buses and electric light commercial vehicles (e-LCVs). Over the past few years, Switch India has been on a remarkable journey, securing substantial orders from State Transport Undertakings and making its mark as a potent player in the electric mobility landscape. 

As of the latest update, Switch Mobility has already put more than 800 electric buses on the road, and the order book is stacked with a demand for over 1200 more. The successful launch of India's only double-decker e-bus last year signalled their significant achievement, and the introduction of state-of-the-art e-LCVs in September 2023 has created quite a buzz. The company is all set to deliver on its promise, with signed Memorandums of Understanding (MOUs) accounting for over 13,000 e-LCVs, expected to hit the roads in the fourth quarter of the current fiscal. 

Welspun Corp soars to new highs on the back of stellar quarterly results 

Welspun Corp Ltd surged by 5.6 per cent and hit a fresh 52-week high amid strong financial results for the second quarter of FY24 and half-year results. On a consolidated basis, in Q2FY24 the company recorded a robust financial performance with an increase in net profit reaching ₹386.57 crore compared to net loss of ₹63.18 crore in the corresponding quarter of the previous year. During the second quarter of FY24, the company's total net revenue showed an increase of 94.38 per cent from ₹2,140.86 cror e to ₹4,161.41 crore compared to the same quarter in the preceding year. 

Sequentially, the net profit for the quarter ending on September 30, 2023, showed an increase of 129.49 per cent from `168.45 crore. However, in Q2FY24, the company's total net revenue registered an increase of 1.04 per cent compared to the previous quarter, settling at ₹4,118.78 crore. The company's highlights include the sales volume of line pipe businesses in India and the USA for H1FY24 rose 57 per cent YoY. Order book for line pipes in India and US stands at 611 KMT valued at approximately ₹8,000 crore. Associate company, EPIC in Saudi Arabia has a confirmed order book exceeding 2 years. Execution of recent Aramco order of SAR 1.8 billion started. 

Over the past six months, the company's shares have generated a multibagger return of 110.97 per cent while in the same time frame, BSE Industrial has moved up by 32.62 per cent.