Balkrishna Industries drops on profit booking

Balkrishna Industries lost 3.96% to Rs 2,072.25 at 13:29 IST on BSE, on profit booking after logging gains in prior five trading days after the company declared a liberal bonus issue.

Meanwhile, the S&P BSE Sensex was up 251.13 points, or 0.77% to 33,011.57

On the BSE, 39,000 shares were traded on the counter so far as against the average daily volumes of 22,426 shares in the past one quarter. The stock hit a high of Rs 2,201.85 and a low of Rs 2,061.95 so far during the day. The stock had hit a record high of Rs 2,247.15 on 15 November 2017. The stock had hit a 52-week low of Rs 905 on 29 November 2016.

The stock had outperformed the market over the past one month till 15 November 2017, rising 25.03% compared with the Sensex's 1.01% rise. The scrip also outperformed the market over the past one quarter, gaining 41.49% as against the Sensex's 4.17% rise. The scrip had also outperformed the market over the past one year, surging 116.97% as against the Sensex's 16.49% rise.

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

Shares of Balkrishna Industries had gained 20.04% in the preceding five trading sessions to settle at Rs 2157.70 yesterday, 15 November 2017, from its close of Rs 1,797.55 on 8 November 2017. Gains were triggered after the board of directors of Balkrishna Industries recommended issue of bonus shares in the ratio of one bonus share for every one existing share held. The announcement was after market hours on 8 November 2017.

Balkrishna Industries' net profit dropped 16.44% to Rs 202.98 crore on 14.09% increase in total income to Rs 1196.95 crore in Q2 September 2017 over Q2 September 2016.

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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