In Friday’s range-bound intra-BSE trade from the S&P BSE Smallcap index, shares of information technology (IT) stocks company KPIT Technologies and iron and steel products company Vardhman Special Steels (VSSL) reached their respective record highs and gained over 6%. Including day trading.
In today’s intraday trade, VSSL gained 6% to Rs 403, while KPIT Technologies gained 4% to Rs 913.90 on the BSE. Both these stocks have crossed their past highs recorded on Walk 22, 2023. The S&P BSE Sensex, on the other hand, was up 0.10 percent at 57,982 at noon.
After registering a strong operating performance in the December quarter on higher sales of value-added products and cost optimization, VSSL has experienced a 49% increase in the past three months. Revenue increased by 11.50 percent year-over-year, primarily as a result of increased sales volumes and improved realisations.
Special steels from VSSL, one of India’s leading producers, meet the diverse requirements of the automotive, engineering, tractor, and bearings industries, among others. Forging applications in Thailand, Taiwan, Turkey, Italy, Russia, Germany, Vietnam, and Japan are just some of the international markets that the company supplies steel to.
Companies like Toyota, Maruti, Hyundai, Hero Moto Corp., Caterpillar, Hino Motors, and Bajaj are among the many prestigious and well-known ones with which the company has established long-term relationships around the world.
The company announced on March 7 that it had begun mass production of certain grades of steel for Southeast Asian forging companies owned by Aichi Steel Corporation (ASC).
Stocks, VSSL stated that approximately 10,000 MT of these products would be sold in fiscal year 24. Over the next two to three years, additional approvals will result in an increase in this number. The board said this will situate VSSL and India as a provider of top notch car steel.
KPIT Technologies shares, on the other hand, have increased by 41% over the past three months, while the S&P BSE Sensex has decreased by 3%.
KPTI Technologies is a global partner in the ecosystem that makes software-defined vehicles possible in the automotive and mobility sectors. It helps mobility leapfrog into a future that is cleaner, smarter, and safer because it is a leading independent partner in software development and integration.
Innovative technology accounts for the majority of the company’s revenue, and the sector’s scalability is significant. Analysts claim that KPIT is at the forefront of automotive manufacturers’ investments in cutting-edge technologies.
Customers place a high priority on the expansion of mobility and autonomous space. Consequently, Renault extended KPIT’s $100 million megadeal. The December quarter’s total contract value (TCV) is $272 million.
KPIT Technologies announced its partnership with Honda on March 15 to carry out Honda’s Software-Defined Mobility (SDM) journey.
“HONDA continues to provide differentiated services and enhanced value with KPIT’s deep domain and software expertise in the areas of autonomous driving, vehicle electrification, in-vehicle infotainment systems, and platform software, as well as Honda’s next-generation software architecture and control-safety technology.” customers worldwide in the future,” a statement from KPIT Technologies stated.
