Bhageria Industries hits new high; zooms over 100% post Q1 results

The stock hit a record high of Rs 535, appreciated 113% from Rs 251 on August 12, as compared to 1.3% rise in Sensex.

Bhageria Industries has hit a new high of Rs 535, up 16% on the BSE, extending its past over a month rally, after reported a good set of numbers for the quarter ended June 30, 2016 (Q1FY17) and sub division of the company’s equity shares.

Since August 12, the stock appreciated 113% from Rs 251, as compared to 1.3% rise in the S&P BSE Sensex.

The company engaged in chemicals business had posted 47% year-on-year (YoY) jump in net profit at Rs 9.08 crore for Q1FY17, on back of 66% YoY growth in net sales at Rs 93.72 crore.

The board also approved splitting the company's equity share of Rs 10 each into two equity shares of Rs 5-each.

Meanwhile, Bhageria Trade Invest Private Limited, one of the promoters of the Bhageria Industries, increased its stake in the company via creeping acquisition route.

Bhageria Trade Invest Private Limited has raised its holding in the company by 0.50 percentage points to 14.20% in past two-and-half months, according to information available on BSE website. Bhageria Trade Invest Private Limited held 13.70% stake at the end of June quarter.

At 01:52 pm, the stock was up 11% at Rs 515 on the BSE, as compared to 0.40% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 740,789 shares changed hands on the BSE and NSE.