Nifty 50 closes April with 1.24% gain, led by strong banking and auto sectors. IT pack sees losses for the second consecutive month. Nifty Bank, Nifty Realty, Nifty Metal, Nifty Auto indices reach new record highs in April.
Ajmera Realty & Infra India has seen its stock skyrocket by 585%, from ₹118 to the current level. The company recorded its highest-ever sales value in FY24 of ₹1,017 crore, marking a 21% improvement from the previous year.
Macrotech Developers stock has gained 404% in 3 years, hitting ₹1,227 apiece. The company reported a 40% growth in sales bookings in Q4 FY24, reaching ₹4,230 crore. It successfully raised ₹3,300 crore through a QIP last month.
The recent surge to all-time highs isn t just a pre-election rally, according to Sunil Subramaniam, MD and CEO of Sundaram Mutual. He views it as a sustainable trend and suggests that large-cap IT stocks will provide portfolio stability in case of a rebound in the sector. He doesn t expect private banks to take the leadership just yet.