Indian Hume Pipe hits record high after robust Q2 results

Indian Hume Pipe Company rose 2.23% to Rs 867 at 11:26 IST on BSE after net profit rose 208.65% to Rs 21.76 crore on 96.47% rise in net sales to Rs 450.28 crore in Q2 September 2016 over Q2 September 2015.

The result was announced after market hours yesterday, 26 October 2016.

Meanwhile, the BSE Sensex was down 128.64 points, or 0.46%, to 27,707.87.

On BSE, so far 31,000 shares were traded in the counter, compared with average daily volume of 13,813 shares in the past one quarter. The stock hit a high of Rs 907.90 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 854.40 so far during the day. The stock hit a 52-week low of Rs 272.50 on 29 February 2016. The stock had outperformed the market over the past 30 days till 26 October 2016, rising 30.47% compared with 1.37% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 55.86% as against Sensex's 1.32% decline.

The small-cap company has equity capital of Rs 4.84 crore. Face value per share is Rs 2.

In a separate announcement, Indian Hume Pipe Company said that its board recommended issuing bonus shares in the proportion of one bonus share for every one equity share held (1:1).

Indian Hume Pipe Company is engaged in the business of providing integrated water supply schemes including manufacturing, laying and jointing of pipelines of various pipe materials which provide infrastructure facility for development of water supply and irrigation projects.

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