Mukul Agrawal-Backed Midcap Stock Surges 7% To Hit 52-Week High After Q2-Print

Shares of BSE surged close to 7% on Monday morning to hit a new 52-week high of ₹2,273.90.

What Happened: The exchange posted its results for the September quarter late last week. The company reported a four-fold increase in net profit, reaching ₹118.4 crore compared to ₹29.4 crore in the corresponding period last year. The exchange’s revenue soared by 53%, reaching a record ₹367 crore in the July-September quarter, up from ₹240 crore in the year-ago period.

The average daily turnover in the equity segment experienced a notable increase, rising to ₹5,922 crore in the quarter under review compared to ₹4,740 crore in the three months ended September 2022.

See Also: Adani Ports Isn’t Stopping At Sri Lanka, Aims To Expand Globally After US Funding

The company’s board of directors approved a fund infusion of ₹22.36 crore in India International Exchange (IFSC) Ltd (India INX) and ₹33.88 crore in India International Exchange (IFSC) Ltd (India ICC) for the purchase of equity shares through a subscription of rights issue.

Reacting to the company results, Motilal Oswal maintained the ‘neutral’ rating on the stock with a target price of ₹2,250.

Price Action: BSE share price was trading 6.13% higher at ₹2,256.40 on Monday afternoon.

Read Next: Why This Rekha Jhunjhunwala-Backed Small Cap Stock Is Surging 6% Today

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EarningsEquitiesNewsPrice TargetReiterationMarketsAnalyst RatingsMoversTrading IdeasBSEMukul Agrawal