Balkrishna Industries drops on profit booking

Balkrishna Industries fell 1.97% to Rs 1,152 at 09:55 IST on BSE on profit booking after gaining 9.03% in the preceding three trading sessions to settle at Rs 1,175.20 yesterday, 18 January 2017, from its close of Rs 1,077.85 on 13 January 2017.

Meanwhile, the S&P BSE Sensex was up 19.81 points, or 0.07%, to 27,277.45

On the BSE, so far 1,560 shares were traded in the counter, compared with average daily volumes of 15,793 shares in the past one quarter. The stock had hit a high of Rs 1,175.85 and a low of Rs 1,148.65 so far during the day.

The stock hit a record high of Rs 1,280 on 2 December 2016. The stock hit a 52-week low of Rs 551.35 on 26 February 2016. The stock had outperformed the market over the past 30 days till 18 January 2017, rising 5.34% compared with the 3.61% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 13.19% as against Sensex's 3.10% decline.

The large-cap company has equity capital of Rs 19.33 crore. Face value per share is Rs 2.

Net profit of Balkrishna Industries rose 128.67% to Rs 242.92 crore on 14% rise in net sales to Rs 912.15 crore in Q2 September 2016 over Q2 September 2015.

Balkrishna Industries is a leading manufacturer in the off-highway tire market. The company has focused on specialist segments such as agricultural, construction and industrial vehicles as well as earthmoving, port and mining, ATV, and gardening applications.

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