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Bombay Burmah Trading Corporation has gained 11% to Rs 1,188 on back of more than two-fold jump in trading volume. The company engaged in tea & coffee business has rallied 36% from Rs 871 on August 3, after it reported a good set of numbers for June quarter (Q1FY18). The company’s net losses narrowed to Rs 1.69 crore in Q1FY18 from Rs 3.67 crore in a year ago quarter.
Bombay Dyeing, on the other hand, is locked in upper circuit of 5% at Rs 175 on the BSE. The stock has no sellers on the counter. A combined 1.86 million shares changed hands and there were pending buy orders for 1.36 million shares on BSE and NSE.
The company’s net loss had narrowed to Rs 33 crore in Q1FY18, against loss of Rs 44 crore in a year ago quarter. Its revenue for the Q1FY18 came in at Rs 623 crore, registering 31% Year on Year (YoY) increase. This was primarily driven by 137% YoY increase in revenues from real estate segment. Earlier, this month, it sold 48.457 acres of freehold land situated at district Pune, Maharashtra for Rs 13.57 crore.
Britannia Industries too hit a new high of Rs 4,380 on BSE in intra-day trade, extending its 12% gain since August 3, post Q1FY18 results.
“Britannia is continuously investing in research and development facilities for new innovations and new range of products, which will accelerate product innovations in new categories and also help the company to pick up further growth,” according to analyst at Karvy Stock Broking.
Recently, the company has also launched two new variants in biscuits category. The company entered into a Joint Venture with Greece’s cakes and confectionery major Chipita for developing, producing and selling ready-to-eat croissants.
Britannia, with its improving operational efficiencies and aggressive strategies in expanding its distribution, is moving up the value chain and capturing more market share, the brokerage firm said in company update and revised its upward target price of Rs 4,599.
|LTP : Last traded price on BSE in Rs at 13:05 PM|