Honda Siel Power gains after launching indigenously built power tiller

Honda Siel Power Products rose 1.92% to Rs 1,370 at 12:10 IST on BSE after the company announced that it has launched indigenously built power tiller to cater to the vast domestic market as well as other emerging markets globally.

The announcement was made on Saturday, 23 April 2016.

Meanwhile, the S&P BSE Sensex was down 162.65 points or 0.63% at 25,675.49.

On BSE, so far 2,163 shares were traded in the counter as against average daily volume of 1,367 shares in the past two weeks. The stock hit a high of Rs 1,395 and a low of Rs 1,356 so far during the day. The stock had hit a record high of Rs 1,537 on 3 August 2015. The stock had hit a 52-week low of Rs 1,040 on 8 June 2015. The stock had outperformed the market over the past one month till 22 April 2016, rising 7.11% compared with 2% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 14.6% as against Sensex's 5.74% rise.

The mid-cap company has equity capital of Rs 10.14 crore. Face value per share is Rs 10.

Honda Siel Power Products said that the product was launched as a part of government's Make in India initiative and renewed thrust on farm mechanization.

Honda Siel Power Products' net profit rose 15% to Rs 13.98 crore on 14.4% rise in net sales to Rs 173.75 crore in Q3 December 2015 over Q3 December 2014.

Honda Siel Power Products is a manufacturer of power products and is a subsidiary of Honda Motor Co. Japan and was incorporated on 19th Sept, 1985. It manufactures and markets a range of portable generators, water pumps and general purpose engine at its state-of-art manufacturing facilities at Greater Noida. It is also engaged in the marketing of lawnmower, brush cutter, long tailed outboard motors and power tiller.

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