5 midcap stocks that are buzzing on the bourses on August 10

Check out the midcap companies making headlines in Wednesday’s session. 

Among the midcap companies, Fine Organics Ltd, Tata Chemicals Ltd, Ipca Laboratories Ltd, City Union Bank Ltd, and Shree Renuka Sugars Ltd are among the stocks in the news on Wednesday. Let us see why!

Fine Organics Ltd

The shares of Fine Organics Ltd are zooming on the bourses on the back of robust Q1 performance from the levels of Rs 5820.95, touching an all-time high of Rs 6909.35 today.

The company recorded consolidated net sales of Rs 747.74 crore in Q1FY23 which is more than double of net sales in Q1FY22, on a QoQ basis the revenue was also up by 21.22%. The EBIDTA of the company grew by 312.8% on YoY and by 34.42% on QoQ and stood at Rs 214.62 crore.

The company reported PAT of Rs 160.04 crore as against Rs 36.47 crore a year ago, which is an increase of 338.82%. Sequentially, PAT grew by 30.98%. EBITDA margins expanded by 1425 bps on a YoY basis and sequentially by 282 bps and stood at 28.7%. PAT margins expanded 1120 bps YoYat 21.4%.

Tata Chemicals Ltd

The stock of Tata Chemicals Ltd is rallying today as the company announced an excellent Q1 FY23 result yesterday after the market close. The company’s income from operations grew by 34% YOY from Rs 2978 crore in the June quarter of FY22 to Rs 3995 crore in Q1 FY23. The PAT number also increased significantly by 87.43% YOY from Rs 342 crore in Q1 FY22 to Rs 641 crore in Q1 FY23.

EBITDA margin also grew to 25%, as against 20% in Q1 FY22. This margin improvement is impressive as the June quarter witnessed higher input and energy costs.

Ipca Laboratories Ltd  

Ipca Laboratories reported its results for the quarter ended June 2022. In Q1FY23, on a consolidated basis, the company’s net revenue increased 1.27% YoY and 23% QoQ to Rs 1585.74 crore. The PBIDT (ex OI) declined 35.3% YoY but grew 22.7% sequentially to Rs 269.23. The company’s PAT declined 51% YoY but increased 5.43% QoQ to Rs 148.43 crore.

City Union Bank Ltd 

City Union Bank reported results for the first quarter ended June 30, 2022. The bank has reported a 30.15% rise in its net profit at Rs 225.14 crore for the quarter under review as compared to Rs 172.99 crore for the same quarter in the previous year. The total income of the bank increased by 10.60% to Rs 1,316.98 crore in Q1FY23 as compared to Rs 1,190.80 crore for the corresponding quarter previous year.

The bank’s gross NPA for the April-June quarter of the current fiscal improved to 4.65%, as compared to 5.59% in the same quarter of the previous year. 

Shree Renuka Sugars Ltd

Shree Renuka Sugars Ltd reported its results for the quarter ended June 2022. In Q1FY23, on a consolidated basis, the company’s net revenue increased 135% YoY to Rs 1953 crore. The PBIDT (ex OI) grew 159% YoY to Rs 52.40 crore. However, the company incurred a net loss of Rs 113.90 crore against a net loss of Rs 241 crore in the corresponding quarter last year.