Steel Strips Wheels gains as Q4 net profit nearly trebles
The stock moved higher by 8% to Rs 344 after reported net profit of Rs 11.9 crore in March quarter against Rs 4.3 crore in a year ago quarter.
 "Steel Strips Wheels gains as Q4 net profit nearly trebles")
Shares of Steel Strips Wheels has moved higher by 8% to Rs 344 on the NSE, after net profit nearly trebled to Rs 11.92 crore for the quarter ended March 2015 (Q4), on back of strong operational performance. The auto parts & equipment manufacturer had profit of Rs 4.27 crore in a year ago quarter.
Net sales of the company during the quarter under review however declined 3.6% at Rs 294 crore against Rs 305 crore in the corresponding quarter of previous fiscal. Total expenses too declined 7.8% at Rs 272 crore over the previous year quarter.
The board of directors of the company has recommended dividend of 20% or Rs 2 per fully paid up equity shares of Rs 10 each.
The stock opened at Rs 319 and touched a high of Rs 350 on the NSE. A combined 169,511 shares changed hands on the counter till 1227 hours against an average sub 100,000 shares that were traded daily in past two weeks on the NSE and BSE.
Net sales of the company during the quarter under review however declined 3.6% at Rs 294 crore against Rs 305 crore in the corresponding quarter of previous fiscal. Total expenses too declined 7.8% at Rs 272 crore over the previous year quarter.
The board of directors of the company has recommended dividend of 20% or Rs 2 per fully paid up equity shares of Rs 10 each.
The stock opened at Rs 319 and touched a high of Rs 350 on the NSE. A combined 169,511 shares changed hands on the counter till 1227 hours against an average sub 100,000 shares that were traded daily in past two weeks on the NSE and BSE.