Shares of information technology (IT) company KPIT Technologies and steel products company Vardhman Special Steels (VSSL) in the S&P BSE Smallcap index hit their all-time highs. It was up 6% on Friday’s BSE in range-bound intraday trade.

VSSL surged 6% to Rs 403 in intraday trade today, while KPIT Technologies surged 4% to Rs 913.90 on the BSE. Both stocks surpassed their all-time highs set on March 22, 2023. In contrast, the S&P BSE Sensex rose 0.1% to 57,982 at 12:00 pm.

Over the past three months, VSSL has gained 49% after reporting strong operating results in the December quarter, driven by higher sales of value-added products and cost optimization. Revenue increased by 11.50% YoY due to higher sales volume and better monetisation.

VSSL is one of India’s leading producers of speciality steels catering to the various needs of the Automotive, Engineering, Tractor, Bearing and allied industries. The company is also responsible for specific customer steel requirements for forging applications in international markets such as Thailand, Taiwan, Turkey, Italy, Russia, Germany, Vietnam and Japan.

The company has long-standing relationships with renowned clients worldwide, including Toyota, Maruti, Hyundai, Hero Moto Corp, Caterpillar, Hino Motors and Bajaj.

On March 7, the company said it had started mass production of steel for Aichi Steel Corp’s (ASC) forging unit in Southeast Asia, and some of the company’s steel grades have been approved.

Sales of these products in FY24 were around 10,000 metric tonnes, VSSL said. This number will further increase as more approvals are obtained over the next 2-3 years. According to management, this will make VSSL and India a supplier of high-quality automotive steel.

Meanwhile, shares of KPIT Technologies have soared 41% over the past three months, compared with a 3% decline in the S&P BSE Sensex.

KPTI Technologies is a global automotive and mobility ecosystem partner, making software-defined vehicles a reality. It is a leading independent software development and integration partner, helping move mobility into a clean, smart and safe future.

Most of the company’s revenue comes from innovative technologies, and the industry’s scalability is enormous. According to analysts, automakers are prioritizing investments in new-age technologies, and KPIT is at the forefront of these technologies.

Growth in the mobility and autonomy space is a top priority for customers. As a result, KPIT secured a mega-deal extension of $100 million with Renault. The December quarter’s total contract value (TCV) was $272 million.

On March 15, KPIT Technologies announced a partnership with Honda to enable Honda’s software-defined mobility (SDM) journey.

“With Honda’s next-generation software architecture and control safety technologies and KPIT’s deep domain and software expertise in autonomous driving, vehicle electrification, in-vehicle infotainment systems, and platform software, Honda will continue to provide various services and enhance value to customers in the future around the world,” KPIT Technologies said in a statement.