20 Must-Watch Performing Stocks Today: August 23, 2024

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With the Jackson Hole symposium in the background, the Indian indices today faced the brunt of the choppy market sentiment. Will the inflation cool down? Will the interest rates change? If yes, by how much? The questions and doubts led to the Indian indices ending flat (but slightly positive), with NIFTY closing at 24,823.15 and the SENSEX closing at 81,086.21. Despite the uncertain scenarios, a few stocks made it to the list of top performers and movers on 23rd August 2024.

As the market opens at 9:00 AM today, we present 20 stocks to consider adding to your watchlist. Here are ten stocks with the highest trading volume and ten stocks based on their performance at yesterday’s market close. 

Top 10 performers today from NIFTY 500 based on the closing figures of 8th August 2024:

Sr.no.	Symbol	CMP	Performance
1	MINDACORP	645.65	20.0 %
2	PCBL	498.80	10.62 %
3	CDSL	1,585.00	9.38 %
4	HSCL	527.5	9.07 %
5	ELGIEQUIP	700	8.12 %
6	NYKAA	226.98	7.87 %
7	CRAFTSMAN	5980	7.23 %
8	DOMS	2,594.90	6.86 %
9	RAILTEL	499.10	5.81 %
10	INDIGO	4718	5.24 %

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. Past performance is not indicative of future results.

Understanding the Top 5 stocks today:

1. Minda Corporation Limited:

Minda Corporation Ltd. is India’s leading automotive component manufacturer. It’s the flagship company of Spark Minda, previously part of the Minda Group. Their product range includes mechanical and electronic security systems, door systems, electronic controllers for electric vehicles, and plastic interiors, catering to auto OEMs worldwide. Minda Corporation is also one of the largest suppliers of electronic and mechanical security systems for 2-wheelers, 3-wheelers, and off-road vehicles, exporting around 20% of its products to the USA, UK, Europe, Southeast Asia, and ASEAN countries. As of 23rd August 2024, the company share price grew by 100.27% in one year, and the P/E ratio stood at 53.37. The company’s June 2024 quarterly net profit was Rs.62.20 crore, 42% Q-o-Q growth from Rs.45.21 crore in June 2023. 

2. Phillips Carbon Black Ltd.:

PCBL Ltd., founded in 1960, is a small-cap company in the tire sector. It’s part of the RP-Sanjiv Goenka Group and focuses on producing carbon black, specialty chemicals, and generating electricity for its own use and for sale. The company’s key revenue sources are carbon black, power, export incentives, and scrap. For the June 2024 quarter, PCBL reported a consolidated total income of Rs.2,154.44 crore, up 10.37% from the previous quarter and 59.41% from the same quarter last year. The net profit after tax for the June 2024 quarter was Rs.117.92 crore, and the net profit margin was 5.48%. Besides, the company shares delivered a return of 215.68% in the last one year as of 23rd August 2024.   

3. CDSL:

Central Depository Services Limited (CDSL) is a key player in the capital market. It offers services to exchanges, clearing corporations, depository participants (DPs), issuers, and investors. CDSL helps you hold and transact securities electronically, including equities, debentures, bonds, mutual funds, CDs, commercial papers, and Treasury Bills. For the June 2024 quarter, CDSL reported a consolidated total income of Rs.286.90 crore, up 7.30% from the previous quarter and 65.02% more from the June 2023 quarter.  The company shares have a P/E ratio of 126.32, and the stock value grew 36.43% in the last three years as of 23rd August 2024.

4. Himadri Speciality Chemical Limited:

HSCL is a global specialty chemical company focused on R&D, innovation, and sustainability. It’s known for having one of the world’s largest value chains in the carbon segment. HSCL manufactures carbon materials and chemicals and is India’s leading coal pitch manufacturer. It’s the only company in India that produces advanced carbon materials and is also the largest in Naphthalene and SNF production. The company has a presence in over 54 countries. In FY2024, it earned Rs.787.41 crore through exports, 18.82% of the total revenue of Rs.4185 crore. Additionally, it generated a net profit of Rs.122.62 crore in the June 2024 quarter, 42.33% more than the June 2023 quarter. 

5. Elgi Equipments Limited:

Elgi Equipments Ltd., founded in 1960, is a mid-cap company in the Electric/Electronics sector. They manufacture and supply over 400 products, including air compressors, automotive equipment, diesel-powered portable screw compressors, railway air compressors, heat recovery systems, medical air compressors, dryers, and air accessories. The company has a presence in over 120 countries as of FY2024. In 2023-24, the company reported an operating revenue of Rs.18,43.37 crore. Besides, the company shares delivered a 3-year return of 253.02% and a 1-year return of 47.34% as of 23rd August 2024. As of the same date, the stock recorded a P/E ratio of 63.78. 

Top 10 volume gainers today from NIFTY 500 based on the trade volume of 8th August 2024 vs the past week’s average:

Sr.no.	Symbol	Volume	Volume Change %
1	MINDACORP	16106675	4561.32 %
2	VTL	4,182,660.00	1997.57 %
3	RAILTEL	19,538,037.00	939.6 %
4	TATATECH	17489207	751.09 %
5	AMBUJACEM	14351611	741.74 %
6	PRSMJOHNSN	2662844	638.53 %
7	CDSL	20675312	631.05 %
8	DEVYANI	16,373,428.00	534.84 %
9	FINCABLES	902,419.00	488.7 %
10	BAJAJ-AUTO	1229549	477.7 %

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. Past performance is not indicative of future results.

Understanding the stocks of the list:

1. Vardhman Textiles Limited:

Vardhman Textiles Limited is a leading Indian textile manufacturer in yarn, fabrics, acrylic fiber, garments, and special steel. The company produces 240,000 metric tons of yarn and 220 million meters of woven fabric annually. With subsidiaries like Vardhman Acrylics Limited and VTL Investments Limited, Vardhman Textiles has become a major conglomerate with a presence in 75 countries. They’re among India’s top three woven fabric manufacturers. However, the company saw a dip in net profit since 2022. In FY2024, the net profit was Rs.637 crore, and the dividend payout was 18%. Despite the decline, the company stocks gave a 3-year return of 50.97% and a 1-year return of 35.07%, with a P/E ratio 20.19 as of 23rd August 2024.

2. Railtel Corporation of India Ltd.:

RailTel is a small-cap company in the telecommunications sector, founded in 2000. It focuses on nationwide broadband, VPN services, and modernizing Indian Railways’ control and safety systems. As a “Miniratna” public sector enterprise, RailTel’s network spans around 6,000 stations, including major commercial centers. For the June 2024 quarter, RailTel reported a total income of Rs.482.73 Crore, a 32.47% drop from the March 2024 quarter but a 25.36% increase from the June 2023. The company also posted a net profit of Rs.38.39 Crore for the latest June 2024 quarter. Plus, it maintained a healthy dividend payout of 39.2% and is nearly debt-free as of FY2024. 

3. Tata Technologies Limited:

Incorporated in 1994, Tata Technologies Limited is a global player in engineering services, focusing on Product Development and Digital Solutions. It mainly offers outsourced engineering and digital transformation to manufacturing clients worldwide, helping them design superior products. On November 30, 2023, Tata Technologies debuted on the public markets, marking the first Tata Group company to do so in 19 years. Tata Technologies reported a revenue of Rs.5,117 crore in FY2024, showing a 15.9% year-on-year growth. Over the past three years, their revenue grew at a 29% CAGR. Additionally, on 23rd August 2024, a significant block trade occurred in the company’s shares as Alpha TC Holdings sold over 75 lakh shares, priced between Rs.1,010 and Rs.1,020 each. 

4. Ambuja Cements Ltd.:

Ambuja Cements Ltd. stands out as one of India’s top cement companies. Part of the Adani Group, this large-cap company specializes in making and selling cement and clinker, both for local and international markets. With a cement capacity of 3.1 crore tonnes, it operates six integrated manufacturing plants and eight grinding units across India. This makes it the third-largest cement company in the country. For the June 2024 quarter, the company reported a consolidated total Income of Rs.8,666.20 Crore. This is a 5.05% decrease from the previous quarter’s total Income of Rs.9,127.45 Crore and a 3.45% drop from the June 2023 quarter, which was Rs.8,976.14 Crore. Additionally, the 3-year return of the stock stands at 62.19% as of 23rd August 2024.

5. Prism Johnson Ltd.:

Prism Johnson Limited is a mid-cap company in the cement sector, established in 1992. It’s one of the largest building materials companies in India. They offer a range of products, including cement, ready-mixed concrete, tiles, sanitaryware, and bath fittings. In the June 2024 quarter, the company reported a revenue of Rs.1,777.14 crore. This is a decrease of 14.93% from the March 2024 quarter’s income of Rs.2,088.92 Crore and a 9.17% drop from the June 2023 quarter, which was Rs.1,956.60 Crore. The company also reported a net profit of Rs.162 crore in FY2024 and recorded a P/E ratio of 75.88 on 23rd August 2024. 

With the Federal Reserve expected to start lowering its benchmark interest rate next month, everyone eagerly awaits Chair Jerome Powell’s speech at the Jackson Hole economic conference. This speech could give us important hints about future rate cuts. However, amidst the temporary waves, investors must tread cautiously with every investment decision to make the most out of the available opportunities in the market.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.