IFB Industries slumps on profit booking

IFB Industries slumped 7.29% to Rs 69.30 at 13:07 IST on BSE on profit booking after the stock surged 21.84% in the preceding three trading sessions to Rs 74.75 on 21 November 2013, from a recent low of Rs 61.35 on 18 November 2013.

Meanwhile, the BSE Sensex was up 77.37 points, or 0.38%, to 20,306.42.

On BSE, 32,000 shares were traded in the counter compared with average volume of 16,533 shares in the past one quarter.

The stock hit a high of Rs 74.75 and a low of Rs 68.40 so far during the day. The stock hit a 52-week high of Rs 119.30 on 16 January 2013. The stock hit a 52-week low of Rs 38.40 on 2 August 2013.

The stock had outperformed the market over the past one month till 21 November 2013, rising 26.69% compared with the Sensex's 3.18% fall. The scrip had also outperformed the market in past one quarter, jumping 53.49% as against Sensex's 12.97% rise.

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

Net profit of IFB Industries declined 83.13% to Rs 1.53 crore on 0.94% rise in net sales to Rs 231.55 crore in Q2 September 2013 over Q2 September 2012.

IFB Industries comprises of two divisions: fine blanking division and home appliances division.

Fine blanking division makes products ranging from fine blanked components, tools to related machines like straighteners, decoilers, strip loaders and others. Its engineering divisions are located in Kolkata & Bangalore.

Home appliances division makes washing machines, clothes dryers, dishwashers, microwave ovens, air conditioners, refrigerators, chimneys & modular kitchens.

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