Banco Products (India) scales record high after strong Q1 results

Banco Products (India) jumped 12.19% to Rs 196 at 14:45 IST on BSE after consolidated net profit rose 45.5% to Rs 40.65 crore on 21% increase in net sales to Rs 380.94 crore in Q1 June 2016 over Q1 June 2015.

The result was announced after market hours yesterday, 1 August 2016.

Meanwhile, the S&P BSE Sensex was up 23.07 points, or 0.08% to 28,026.19.

On BSE, so far 5.26 lakh shares were traded in the counter as against average daily volume of 52,836 shares in the past one quarter. The stock hit a high of Rs 207.90 in intraday trade so far, which is a record high for the counter. The stock hit a low of Rs 184 so far during the day. The stock had hit a 52-week low of Rs 90.30 on 25 February 2016. The stock had outperformed the market over the past one month till 1 August 2016, gaining 11.06% compared with 3.16% rise in the Sensex. The scrip also outperformed the market in past one quarter, surging 31.65% as against Sensex's 9.36% rise.

The small-cap company has an equity capital of Rs 14.30 crore. Face value per share is Rs 2.

Banco Products (India) was founded in 1961, with the purpose to design and manufacture radiators and gaskets as an import substitute for the Indian original equipment manufacturer (OEM) industry, railways and defense sector.

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