IFB Industries reverses rally on profit booking

IFB Industries fell 2.13% to Rs 1,273.70 at 14:45 IST on BSE on profit booking after surging 45.73% in the preceding thirteen trading sessions to settle at Rs 1,301.45 yesterday, 21 November 2017, from its close of Rs 893 on 2 November 2017.

Meanwhile, the S&P BSE Sensex was up 76.33 points or 0.23% at 33,554.68. The S&P BSE Mid-Cap index was off 9.11 points or 0.05% at 16,785.12.

On the BSE, 4,341 shares were traded in the counter so far as against average daily volume of 9,562 shares in the past one quarter. The stock had hit a record high of Rs 1,325 in intraday trade today, 22 November 2017. The stock had hit a low of Rs 1,272 so far during the day. The stock had hit a 52-week low of Rs 397.40 on 20 November 2017.

The stock had outperformed the market over the past 30 days till 21 November 2017, rising 43.83% compared with 2.99% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 84.72% as against Sensex's 6.05% rise. The scrip also outperformed the market in past one year, jumping 200.50% as against Sensex's 28.96% rise.

The mid-cap company has equity capital of Rs 40.52 crore. Face value per share is Rs 10.

On a consolidated basis, IFB Industries' net profit rose 91.41% to Rs 35.64 crore on 40.12% rise in net sales to Rs 623 crore in Q2 September 2017 over Q2 September 2016.

IFB Industries' product range includes Fine Blanked components, tools and related machine tools like Straighteners, Decoilers, Strip loaders and others. The engineering divisions are located at Kolkata & Bangalore. The Bangalore unit, apart from Fine Blanked components, manufactures motors for white goods as well as automotive applications.

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