Market Movers: These high P/E stocks rallied in todays session; know why?

3MIndia, Jubilant FoodWorks and Dixon Technologies India are among the top gainers in A Group.

As market exuberance is back, Consumer Durables, Realty and IT were the top-performing sectors in today’s session. 

At the closing bell on May 30, the Sensex closed with a gain of 1.9 per cent or 1041 points at 55,925.74, while the Nifty50 also gained 1.9 per cent or 309 points at 16,661.40. 

 3MIndia, Jubilant FoodWorks and Dixon Technologies (India) witnessed positive action in today’s session.  

3M India witnessed a gain of 10.66 per cent in today’s session (results were declared on Friday post market hours) and closed at Rs 19481.05 on the back of its stellar Q4 results. Net revenue for the quarter ended March 31, 2022, stood at Rs 925.6 crore which was up by 11.9 per cent on YoY basis. Net Profit in Q4 grew substantially by 57.4 per cent at Rs 110.9 crore on YoY basis. The shares of 3M India hit intraday high and low at Rs 20914 and Rs 18900 respectively. The stock is trading at a TTM PE of 72.92. 

Jubilant FoodWorks rose 9.64 per cent in today’s session and closed at Rs 566.80. The shares of Jubilant FoodWorks hit intraday high and low at Rs 572.75 and Rs 511.70 respectively. The company has reported Q4 numbers wherein the consolidated net profit increased by 6.63 per cent at Rs 112.28 while net sales grew by 13.31 per cent at Rs 1175.98 YoY. In a press release, the company also informed about the appointment of Sameer Khetarpal as CEO & MD, both with effect from September 05, 2022, for five years. The shares of Jubilant FoodWorks are trading at a TTM PE of 80.13. 

Dixon Technologies witnessed a rally of 9.42 per cent in today’s session and closed at Rs 3745.05 driven by its Q4 results. Net revenue for the quarter ended March 31, 2022, stood at Rs 2952.75 crore which was up by 40 per cent on YoY basis. Net Profit in Q4 grew by 43 per cent at Rs 63.13 crore on YoY basis. The shares of Dixon Technologies hit intraday high and low at Rs 3884.70 and Rs 3465, respectively. Dixon Technologies is trading at a TTM PE of 118.47.