News for ESAB India Limited (ESABINDIA.NS)

"On the hourly chart, the index has given a consolidation breakout. The RSI is in a bullish crossover on both the hourly and daily timeframes. A fresh leg of bullishness starts above 25,000, while support is placed at 24,900. If the index falls below this level, it might correct down towards 24,750," said Rupak De, Senior Technical Analyst, LKP Securities.

The 30-share BSE Sensex pack surged more than 800 points to hit an all-time high of 81,522.55 and the broader NSE Nifty index moved over 200 points to trade at a fresh record peak of 24,837.75.

Nifty range-bound flat closing for the last four days indicates a pause before a sharp move. The direction of this move is not yet known, at least not before any directional breakout. Solar Industries, Titagarh Rail Systems, Carborundum Universal, Paras Defence and Space Technologies showed bullish bias.

Blue-chip NSE Nifty 50 advanced 0.22% to 22,104 points, while the S&P BSE Sensex added 0.15% to 72,776. Nifty formed a hammer candle on the daily chart as modest buying interest from the lows of 21,821 bolstered a technical pullback

Apeejay Surrendra Park Hotels shares listing: The stock opened at Rs 187 against the IPO price of Rs 155 per share on BSE. Market cap of the firm rose to Rs 3,990 crore.

The 30-share BSE Sensex climbed 107 points or 0.15 per cent to trade at 71,702, and the NSE Nifty was up 43 points or 0.20 per cent to trade at 21,826.

On the festive eve, bulls pushed the BSE Sensex 355 points, or 0.55 per cent higher, to 65,259.45. NSE's Nifty50 gained 100.20 points, or 0.52 per cent, to end the Muhurat trading session at 19,525.55.

ESAB India posts 62% YoY growth in Q1FY24 net profit to ₹42 cr. Revenue from operations up 23% YoY to ₹298 cr. Board approves ₹50 lakhs investment in SPV to generate & supply wind power. Shares close 5% higher at ₹4,878.50 on NSE.

ESAB India Ltd, a major welding equipment company, expects macro-economic factors and global headwinds to present growth challenges in the current fiscal year. However, the company sees potential in expanding its services business. While its revenues from product contracts grew by 22% in FY23, it aims to increase revenues from services and explore new opportunities in the market.

ESAB India shares hit a 52-week high on Monday in early trade. The Chennai-based company's stock price rose to ₹4,710.95 on NSE, up 30% since March. The company posted a 61% growth in net profit in FY23 and total income from operations rose to ₹1,099 crore. The stock rally is in line with the overall market rally in the last 2-3 months.

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During this week, BSE Mid-cap index shed 1.3 percent, BSE Small-cap Index shed 0.8 percent and BSE Large-cap Index was down 0.5 percent.

Pushing the Boundaries of Workplace Possibilities

Benchmark indices extended gains on Monday on the back of buying in auto and construction stocks. The BSE Sensex rose over 450 points or 0.84% to 54,782, and the NSE Nifty 50 gained 104 points to 16,370.

Recovering from steep correction in the previous session, benchmark indices sharply on Friday amid strength in Asian markets and US equity futures. The BSE Sensex rose over 1,200 points and was seen testing the 54,000-mark, while the NSE Nifty 50 index climbed nearly 400 points and was within striking distance of 16,200 level.

Indian equity markets were trading red on Wednesday as benchmark indices gave up early morning gains in noon deals. The BSE Sensex was down 114 points at 54,203, and the NSE Nifty50 fell 25 points to 16,233.

Starteck Finance, Pashupati Cotspin, Foce India Ltd., Time Technoplast and Esab India, hit their fresh 52-week highs during the day.

IndusInd Bank, Tata Consumer, Britannia, Nestle India and UltraTech Cem. were among the top losers on NSE in today's trade.