Kennametal India declines after weak Q1 numbers

Kennametal India fell 1.29% to Rs 955.85 at 10:48 IST on BSE after the company's net profit fell 21.6% to Rs 17.60 crore on a 2.7% rise in the net sales to Rs 231.80 crore in Q1 June 2019 over Q1 June 2018.

The result was announced after market hours yesterday, 22 August 2019. The company further informed that during the year, it set up a wholly-owned subsidiary Widia India Tooling (WITPL), the operations of which have commenced from 1 April 2019. WITPL has been set up as a trading company which specializes in hard metal and hard metal products.

Meanwhile, the S&P BSE Sensex was up 65.78 points or 0.18% to 36,538.71.

On the BSE, 3033 shares were traded in the counter so far compared with average daily volumes of 4871 shares in the past two weeks. The stock hit a high of Rs 964.95 and a low of Rs 915 so far during the day.

The stock hit a 52-week high of Rs 1275 on 25 Apr 2019. The stock hit a 52-week low of Rs 750 on 26 Oct 2018.

The stock had underperformed the market over the past one month, down 7.73% compared with 4.10% fall in the Sensex. The scrip has however, outperformed the market in past one year, up 14.66% as against Sensex's 4.86% rise.

Kennametal India manufactures hard metal products, mining tools, special-purpose machines, metal castings, formings, jigs and fixtures. The company exports its products to Japan, Germany and the south-east Asian countries.

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