Surprise, Surprise: The Leaders
Polycab India Ltd. surprised the most as the cables and wires maker beat estimates by the widest margin. That was aided by a revival in government capex and private sector spending.
Strong deal wins and accelerated growth in the U.S. and EMEA (Europe, Middle East, Africa) regions supported Mphasis Ltd., while higher steel prices, increased volumes and continued deleveraging worked in Tata Steel Ltd.’s favour.
Grasim Industries Ltd. was helped by an improved outlook for its subsidiary UltraTech Cement Ltd., and price hikes in the chemicals segment. Hindalco Industries Ltd. benefited from a rise in aluminum prices due to supply disruptions triggered by production curbs in China.