Balkrishna Industries scales record high

Balkrishna Industries surged 6.48% to Rs 2,045 at 15:01 IST on BSE, with the stock extending two-day gains triggered by the company declaring a liberal bonus issue.

Meanwhile, the S&P BSE Sensex was down 279.50 points, or 0.84% to 33,035.06

On the BSE, 48,000 shares were traded on the counter so far as against the average daily volumes of 19,367 shares in the past one quarter. The stock hit a high of Rs 2,070 in intraday trade, a record high. The stock hit a low of Rs 1,940 so far during the day. 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 10 November 2017, rising 12.04% compared with 4.35% gains in the Sensex. The scrip had also outperformed the market in past one quarter, surging 26.89% as against Sensex's 5.66% rise. The scrip had also outperformed the market in past one year, surging 91.81% as against Sensex's 21.07% rise.

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

Shares of Balkrishna Industries gained 1.79% to settle at Rs 1,829.75 on 9 November 2017. The stock rose 4.97% to settle at Rs 1,920.60 on 10 November 2017. 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.

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. The result was announced after market hours on Wednesday, 8 November 2017

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.

Powered by Capital Market - Live News