Balkrishna Industries gains on bargain hunting

Balkrishna Industries rose 3.35% to Rs 1,086.50 at 15:12 IST on BSE on bargain hunting after a recent slide.

Meanwhile, the BSE Sensex was down 242.53 points, or 0.93%, to 25,798.17.

On the BSE, so far 5,272 shares were traded in the counter, compared with average daily volumes of 18,558 shares in the past one quarter. The stock had hit a high of Rs 1,086.80 and a low of Rs 1,030 so far during the day.

The stock hit a 52-week 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 23 December 2016, rising 13.65% compared with the 0.70% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 23.51% as against Sensex's 9.17% decline.

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

Shares of Balkrishna Industries fell 7.22% in four trading sessions to settle at Rs 1,051.30 yesterday, 23 December 2016, from its close of Rs 1,133.05 on 19 December 2016.

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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