Pitti Engineering shares jump 6% to hit 52-week high after strong Q1 results; check details

Shares of Pitti Engineering Ltd rallied nearly 6% to hit a 52-week high of ₹1378.9 apiece on the NSE on Friday, August 16, after the company reported strong Q1 results.

Pitti Engineering has reported a sharp 47.10% year-on-year spike in its net profit at ₹20.55 crore in the June 2024 quarter, compared to ₹13.97 crore in the year-ago period. Pitti Engineering's total income rose 33.02% to ₹386.71 crore in the June quarter compared to ₹290.71 crore in the corresponding period of the previous fiscal.

The consolidated EBITDA grew 32.81% YoY to ₹56.35 crore compared to ₹42.43 crore in Q1FY24.

The stock opened higher at ₹1,333.9 apiece on the NSE and gained further to hit the day's high.

Pitti Engineering sold 14,992 metric tons (MT) of rotating electrical equipment in Q1 FY25, with a positive market outlook driven by strong demand.

The company’s ongoing capex expansion, expected to be completed by September 2024, will increase the production capacity by 16,000 MTPA, bringing it to 72,000 MTPA on a standalone and 90,000 MTPA on a consolidated basis.

Commenting on the results, Akshay S. Pitti, Managing Director & Chief Executive Officer said, “I am delighted that the company reported the highest ever sales and EBITDA for a quarter in Q1FY25. The expansion plan is track for commissioning by the end of September. We continue to see robust demand from almost all our end markets. On the back of strong performance in Q1 coupled with the enhanced capacities & acquisitions I believe that we are well positioned to surpass our annual targets.”

Shares of Pitti Engineering Ltd. closed the session 3.84% higher at ₹1,352 apiece on the NSE after a minor correction from the day's higher levels.

The stock has traded with an upward momentum, gaining over 108% in the last 6 months and more than 168% over the year.

Share price of Inox Wind jump 2.2% on the NSE ₹248 apiece after company received LoA from IGREL execution of 550 MW power plant on turnkey basis in Gujarat, Rajasthan and Madhya Pradesh.

Inox Wind (IWL) has received a Letter of Intent (LoI) from IGREL Renewables (IGREL) for execution of 550 MW wind capacity on turnkey basis. As part of the project, Inox Wind will supply, install and commission the Wind Turbine Generators (WTGs), and provide multi-year comprehensive operations & maintenance (O&M) services post commissioning.

The project will be executed over the next 24 months across multiple sites in the states of Gujarat, Rajasthan and Madhya Pradesh. The 550 MW LoI is over and above the firm order of 200 MW received in the past, and takes the company's order book to greater than 3.5 GW.

The total revenue stood at ₹607 crore for the June 2024 quarter. The mentioned figure indicates an increase of about 110.41% as against ₹288 crore during the year-ago period. The Total Profit for the quarter ended June 2024 of ₹70 crore grew from ₹ 67 crore. Operating profit saw a handsome growth to ₹119 crore from ₹1.5 crore in the quarter ended June 2024.

Inox Wind is India’s leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate Investors. The shares of the company delivered stellar returns of 89% in 2024 on YTD basis.

The central government has approved the joint venture between Nuclear Power Corporation of India Limited (NPCIL) and NTPC to establish nuclear power plants.

Anushakti Vidhyut Nigam Limited (ASHVINI), the JV entity of NPCIL and NTPC, has received approval from the government to build, own and operate nuclear power plants in India in accordance with provisions of the Atomic Energy Act 1962, according to an official release by NTPC.

In the JV entity, NPCIL holds 51% stake and NTPC has 49% ownership.

Additionally, the Government has approved the transfer of the Mahi Banswara Rajasthan Atomic Power Project (MBRAPP) consisting of four 700 MWe reactors based on indigenous Pressurized Heavy Water Reactor (PHWR) technology from NPCIL to ASHVINI.

Moreover, the government has exempted NPCIL from investing over ₹500 crore and NTPC from investing more than ₹5,000 crore in a single joint venture or subsidiary.

This financial flexibility will support the accelerated expansion of nuclear power capacity in India. Beyond MBRAPP, ASHVINI aims to pursue other nuclear projects across the country.

This initiative will facilitate the pooling of resources like financial, technological and expertise from both NTPC and NPCIL contributing to the rapid growth of nuclear power generation to help meet India's net zero target by 2070, a statement from NPCIL read.

India has established an ambitious goal to reach 22,800 MW of nuclear power capacity by 2031-32, significantly up from the current capacity of 8,180 MW.

Earlier this month on September 10, NPCIL and the Emirates Nuclear Energy Corporation (ENEC) of the United Arab Emirates (UAE) signed a MoU in the field of the operations and maintenance of the nuclear power plant.

The Memorandum of Understanding was signed by Bhuwan Chandra Pathak Chairman and Managing Director of the Nuclear Power Corporation of India Limited (NPCIL), and Mohamed Al Hammadi, Managing Director and Chief Executive Officer of the Emirates Nuclear Energy Corporation (ENEC).

NTPC Limited shares closed 0.60% lower at ₹413.80 apiece on the NSE.

The share allotment status of Innomet Advanced Materials IPO is scheduled to be finalised on Monday, September 16. The NSE SME issue witnessed a mega demand from investors during the three-day subscription window between September 11 and September 13.

Innomet Advanced Materials IPO was subscribed 297.42 times, with investors applying for 96.72 crore shares as compared to the 32.52 lakh shares on offer.

Non-institutional investors or NIIs bid for 51.18 crore shares as compared to the 16.26 lakh shares allocated for them. NIIs subscribed to their allocation 314.76 times.

Retail investors oversubscribed their quota 226.96 times. They applied for 51.18 crore shares against the 16.26 lakh shares in the retail category.

Investors, who applied for shares in the public offer, must be waiting to check the allotment status of the Innomet Advanced Materials IPO. Here is how to check Innomet Advanced Materials IPO share allotment status on NSE and registrar’s website.

How to check Vision Innomet Advanced Materials Limited IPO share allotment status on registrar’s website

• Go to the official website of the registrar Skyline Financial Services Private Ltd at https://www.skylinerta.com/
• Choose the Public Issues option
• A new tab will open. From the list of the companies, select Innomet Advanced Materials Limited
• Enter your details (DPID/Client ID, Application No., or PAN)
• Click on the Search button to view the allotment status

How to check Vision Innomet Advanced Materials Limited IPO share allotment status on NSE website

• Go to the NSE IPO allotment status page at www.nseindia.com/products/ipo_login.jsp
• Log in with your username and password. Creating an account on the NSE website is mandatory to view the allotment status.
• Select Innomet Advanced Materials Limited from the drop down menu under the issue name.
• Verify your PAN.
• Enter your IPO application number.
• Click on Submit to view the allotment details.

Innomet Advanced Materials Limited IPO offer size

Innomet Advanced Materials IPO was a fixed price issue of 34.24 lakh shares. The company aimed to raise ₹34.24 crore through the initial share sale. The IPO is expected to list at NSE SME platform, Emerge, on September 18.