Elgi Equipments surged 5% to Rs 315 at 13:34 IST on BSE after consolidated net profit jumped 123.81% to Rs 28.20 crore on 24.62% rise in sales to Rs 415 crore in Q3 December 2017 over Q3 December 2016.
The result was announced after market hours yesterday, 29 January 2018.Meanwhile, the S&P BSE Sensex was down 216.57 points, or 0.6% at 36,066.68. The S&P BSE Mid-Cap index was down 124.11 points, or 0.7% at 17,586.19, underperforming the Sensex.
On the BSE, 49,000 shares were traded on the counter so far as against the average daily volumes of 31,000 shares in the past two weeks. The stock had hit a high of Rs 330.90 in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 274.55 so far during the day. The stock had hit a 52-week low of Rs 188.10 on 31 January 2017.
Elgi Equipments' sales in India grew 21% in Q3 December 2017 over Q3 December 2016 on the back of increased demand and improved market penetration. Overall, the company's business grew across all markets barring few Asian countries.
The automative division of the company has continued to maintain the growth momentum and registered a 24% growth in Q3 December 2017 over Q3 December 2016.
The outlook for Q4 March 2018 looks good and the company looks forward to continuing its growth and its improved performance, it added.
Elgi Equipments manufactures air compressors and automobile service station equipment.
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