Shish Industries Ltd Share Price – BSE

Plastic products, Small Cap

Net profit of Shish Industries rose 64.78% to Rs 2.62 crore in the quarter ended June 2024 as against Rs 1.59 crore during the previous quarter ended June 2023. Sales rose 31.01% to Rs 23.07 crore in the quarter ended June 2024 as against Rs 17.61 crore during the previous quarter ended June 2023.

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Shish Industries will hold a meeting of the Board of Directors of the Company on 17 July 2024.

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The Board of Shish Industries at its meeting held on 07 May 2024 has approved the allotment of 5,66,520 equity shares of face value Rs 10.00 each, for cash, at a price of Rs 120.05 per equity share (including a premium of Rupees 110.05 per equity share), aggregating to Rs 6.80 crore by way of a preferential issue to the allottees as approved by the Members of the Company.

Consequent to above mentioned allotment, the issued, subscribed and paid-up equity share capital of the Company stands increased to Rupees 35,57,36,690.00 divided into 35573669equity shares of face value Rupees 10.00 each from Rupees 35,00,71,490.00 divided into 35007149 equity shares of face value Rupees 10.00 each.

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The benchmark indices traded with decent gains in mid-afternoon trade. The Nifty hovered above the 22,400 level. Auto shares extended gains for the third consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 204.89 points or 0.29% to 73,858.99. The Nifty 50 index added 65.15 points or 0.29% to 22,401.55.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.70% and the S&P BSE Small-Cap index added 1.11%.

The market breadth was strong. On the BSE, 2,362 shares rose and 1,402 shares fell. A total of 141 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 22.12% to 9.89. Volatility zoomed as traders roll over their positions in the F&O segment from the near month April series to May series. The April 2024 F&O contracts will expire on Thursday, 25 April 2024.

Economy:

Rising from 61.8 in March to 62.2 in April, the headline HSBC Flash India Composite PMI Output Index – a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors – indicated the fastest rate of increase in aggregate business activity since mid-2010. Survey participants overwhelmingly attributed the expansion to buoyant demand from domestic and external clients.

Growth in India remained broad-based across the manufacturing and service sectors. The former saw the sharper rate of increase, albeit one that was softer than in March. In the service economy, business activity rose to the greatest extent in three months.

Buzzing Index:

The Nifty Auto index rose 0.83% to 21,994.70. The index rallied 2.20% in three trading sessions.

Tata Motors-DVR (up 2.09%), Maruti Suzuki India (up 1.45%), Tata Motors (up 1.41%), TVS Motor Company (up 1.2%), Apollo Tyres (up 1.06%), Eicher Motors (up 0.99%), Bosch (up 0.85%), Hero MotoCorp (up 0.85%), Ashok Leyland (up 0.58%) and Bajaj Auto (up 0.34%) advanced.

On the other hand, Balkrishna Industries (down 0.94%), Mahindra & Mahindra (down 0.75%) and Exide Industries (down 0.12%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.22% to 7.176 as compared with previous close 7.192.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.3425, compared with its close of 83.3600 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 1% to Rs 70,482.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 105.99.

The United States 10-year bond yield rose 0.19% to 4.632.

In the commodities market, Brent crude for June 2024 settlement gained 72 cents or 0.83% to $ 87.67 a barrel.

Stocks in Spotlight:

Shish Industries surged 12.27% after the company announced that it has received order worth minimum of $37.5 million from USA-based Best Construction Products Inc. (BCP).

K.P. Energy was locked in upper circuit of 5% after the firm received new order for development of 9 MW wind power project forming part of the wind-solar hybrid power project to be developed in Gujarat.

Mahindra Logistics rose 0.74%. The logistics solution provider reported a consolidated net loss of Rs 11.91 crore in Q4 FY24 as against a net profit of Rs 0.20 crore posted in Q4 FY23. Revenue from operations stood at Rs 1,450.76 crore in Q4 FY24, up 14.01% from Rs 1,272.51 crore recorded in Q3 FY23.

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