India Nippon Electricals hits record high after stellar Q1 earnings

India Nippon Electricals was locked at 20% upper circuit at Rs 769.25 at 12:19 IST on BSE after net profit spurted 117.2% to Rs 13.29 crore on 24.9% increase in net sales to Rs 103.87 crore in Q1 June 2017 over Q1 June 2016.

The result was announced after market hours yesterday, 9 August 2017.

Meanwhile, the S&P BSE Sensex was down 118.01 points, or 0.37% at 31,679.83. The S&P BSE Small-Cap index was down 156.88 points, or 1% at 15,477.62.

High volumes were witnessed on the counter. On the BSE, 95,000 shares were traded on the counter so far as against the average daily volumes of 1,494 shares in the past one quarter. The stock had hit a high of Rs 769.25 so far during the day, which is also its record high. The stock hit a low of Rs 717 so far during the day. The stock had hit a 52-week low of Rs 386.15 on 29 August 2016.

The stock had underperformed the market over the past one month till 9 Aug 2017, declining 0.08% compared with the Sensex's 1.39% rise. The scrip had also underperformed the market over the past one quarter sliding 0.2% as against the Sensex's 6.23% rise. The scrip had, however, outperformed the market over the past one year advancing 60.26% as against the Sensex's 13.22% rise.

The small-cap company has equity capital of Rs 11.31 crore. Face value per share is Rs 10.

India Nippon Electricals makes electronic ignition systems for two-wheelers, three wheelers and portable engines.

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