Amid strong March quarter results, shares of SRF, Dalmia Bharat and Shipping Corporation of India (SCI) surged up to 4 per cent on the BSE intraday trade during Tuesday’s session. All three earnings of these companies were either in-line or better than the expectations of D-Street. 

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Individually, SRF surged most by nearly 4 per cent to touch a day’s high level of Rs 2307 per share on the BSE intraday, as compared to 0.16 per cent rise in the S&P BSE Sensex at around 11:27 AM. 

The consolidated PAT (Profit After Tax) of the company grew by 59 per cent year-on-year (YoY) to Rs 600 crore. While SRF’s consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) at Rs 950 crore grew by 47 per cent YoY.  

Domestic brokerage firm YES Securities being bullish on the stock, maintained a Buy rating on SRF with a target price of Rs 2965 per share, which implies over 33 per cent upside in share price. 

Similarly, Dalmia Bharat shares jumped 2 per cent to touch a day’s high level of Rs 443.2 per share on the BSE intraday. YES Securities said, the company’s performance beat across all parameters, and it managed to maintain its operation expenses despite a surge in power and freight costs. 

ShareKhan, another brokerage firm, expected Dalmia Bharat to sustain growth in FY23 led by capacity additions and de-bottlenecking, and believes it’s attractive, considering its strong earnings growth trajectory. It retained a Buy stance with a target of Rs 2,300 apiece (58 per cent upside). 

Divestment-bound SCI shares jumped over 3 per cent to touch the day’s high level of Rs 120.7 per share on the BSE intraday. The company along with Q4 results also announced a demerger plan. 

SCI’s revenue grew over 50 per cent and margins slipped marginally YoY during the March quarter results for FY22. Besides, the company’s board has also recommended a dividend of Rs 0.33 per equity share of the face value of RS.10 each which is 3.3 per cent per share. 

Shipping Corporation of India on Monday said its board has approved certain modifications in the scheme of arrangement for the demerger of the company's non-core assets into Shipping Corporation of India Land and Assets Ltd.