Linde surges 10%, hits new high in a weak market; zooms 124% in 3 months

Shares of Line India, a supplier of medical oxygen to hospitals and industrial gases to corporations, surged 10 per cent to hit a new high of Rs 2,078.60 in intra-day trade on the BSE on Monday in an otherwise weak market on expectation of higher product demand, due to the rising coronavirus cases. The stock was trading higher for the fourth straight day, rallying 19 per cent during the period.

At 09:23 am, Linde India was trading 8.5 per cent higher at Rs 2,050, as compared to 1.8 per cent decline in the S&P BSE Sensex. In the past three months, the stock zoomed 124 per cent, against 3 per cent decline in the benchmark index.

Linde India Ltd is a leading supplier of gases and related products and services in India. The company is primarily engaged in manufacture of industrial and medical gases and construction of cryogenic and non-cryogenic air separation plants.

For the October-December quarter (Q4CY20), Linde India had reported 145 per cent year on year (YoY) jump in its consolidated profit before tax and exceptional items of Rs 85.21 crore against Rs 34.89 crore during the same quarter last year. Revenue from operations grew 15 per cent at Rs 475 crore from Rs 413 crore in the corresponding quarter of previous fiscal.

Meanwhile, as per March 2021 quarter shareholding disclosed by Linde India, institutional investors reduced their combined stake in the company to 13.04 per cent from 13.95 per cent at the end of December 2020 quarter. Individual shareholders holding however rose to 9.88 from 9.04 per cent in previous quarter.