Salzer Electronics zooms over 30% in two-days on heavy volumes

The stock hit record high of Rs 215 on BSE, rallied 35% in past two trading sessions as compared to 1.15% fall in Sensex.

Salzer Electronics has zoomed 17% to Rs 209, extending its previous day’s over 15% rally on BSE, in otherwise weak market on back of heavy volumes.

The stock opened at Rs 215 and touched a record high of Rs 215 on BSE.  The trading volumes on the counter jumped more than ten-fold with a 378,000 shares changed hands till 1040 hours against an average sub 50,000 shares that were traded daily in past two weeks on BSE.

In past two trading sessions, shares of the company engaged in manufacture of Cam Operated Rotary Switches,Terminal Connectors and On Load Isolators, rallied 35% from Rs 155 on December 12. The benchmark S&P BSE Sensex was down 1.15% during the same period.

Larsen and Toubro, the single largest shareholder of the company with a 26% stake, has been marketing Salzer Switches throughout India since 1993.

Meanwhile, the company had reported 51% year on year growth in net profit at Rs 6.42 crore for the first half (April-September) of current financial year 2014-15. It had posted profit of Rs 8.44 crore in entire previous fiscal 2013-14.