The four – namely
, Indiabulls Real Estate, Dixon Technologies, and Just Dial – have climbed 50-85 per cent so far in Calendar 2021, thanks to a 572-896 basis points hike in holdings by small investors in the two quarters to June 30 ( i.e. the first six months of the calendar), data suggests.
Shares of Indian Energy Exchange have rallied 84 per cent year to date, Indiabulls Real Estate has surged 74 per cent, Dixon Technologies has climbed 60 per cent and Just Dial 52 per cent.
Sensex has risen 13 per cent in the same period, while BSE Midcap index is up 28 per cent, BSE Smallcap Index 47 per cent and BSE500 index 21 per cent.
Indian Energy Exchange saw small investors hike stake in the power trading platform to 17.9 per cent at the end of June quarter from 8.94 per cent at the end of December quarter, up 896 basis points.
said IEX has achieved the highest ever volumes and profitability, even as the entire economy was going through turmoil in the last few quarters. For the June quarter, the company saw 47 per cent YoY rise in profit at Rs 62.10 crore on a 26.87 per cent rise in sales at Rs 102.88 crore.
“The thesis we set out while initiating coverage of IEX – vertical and horizontal diversification – is playing out well much faster than we expected,” Edelweiss said and revised its target for the stock to Rs 500 from Rs 418 earlier.
“We expect the company to grow its revenues at a double-digit CAGR for the next few years sustaining the current margin levels,” LKP said and upped its price target to Rs 519. The stock closed at Rs 422 on Monday.
In the case of Dixon Technologies, retail holding is up 621 basis points at 13.41 per cent at the end of June quarter from 7.2 per cent at the end of December 2020. Axis Securities has a price target of Rs 4,510 on the stock, Emkay Global pegs it at Rs 4,500 and Nirmal Bang at Rs 4,350, as the three brokerages believe the prevailing valuations limit the scope for upside.
The stock closed at Rs 4,280 apiece on Monday, off the 52-week high of Rs 4,731 hit in July.
“We believe after a multi-fold rise in stock price and with a 61 per cent growth in EPS expected compounded annually over FY21-24E, the current valuations limit upside,” Emkay said.
Just Dial’s rally has also halted after Reliance Retail Ventures recently announced the acquisition of a majority stake and capital infusion in the company. But analysts are positive on the stock. They said Just Dial can now afford to delay its monetisation plans, disrupt the competition in pricing and play significant catchup in the B2B segment.
“The fact that Just Dial ‘complements’ (v/s competes) broader RIL’s portfolio is comforting. We see loose similarities with RJio’s acquisition of Saavn and L&T’s Mindtree. It remains to be seen how the dynamics of a ‘potential’ amalgamation with RIL plays out in the long run,” ICICI Securities said in a recent note.
The brokerage has a target of Rs 1,250 on the stock, BoB Capital Markets has raised its target price to Rs 1,330 against Rs 920 earlier.
In the case of
, retail ownership in the counter rose to 17.8 per cent in June quarter, up 540 basis points over 12.4 per cent in December 2020. The company will report its quarterly earnings on August 9. Analysts say the sector is in the process of revival due to weaker prices and record-low interest rates. Large organised developers would benefit the most, they said.
