Lakshmi Machine Works slumps after weak Q2 results

Lakshmi Machine Works fell 6.01% to Rs 5770 at 13:55 IST on BSE after net profit fell 12.5% to Rs 40.43 crore on 34.7% increase in net sales to Rs 771.97 crore in Q2 September 2018 over Q2 September 2017.

The result was announced after market hours yesterday, 22 October 2018.

Meanwhile, the S&P BSE Sensex was down 376.06 points, or 1.10% to 33,758.32.

On the BSE, 3148 shares were traded in the counter so far compared with average daily volumes of 3705 shares in the past two weeks. The stock had hit a high of Rs 5863.70 and a low of Rs 5705.55 so far during the day. The stock hit a record high of Rs 9,380 on 9 May 2018. The stock hit a 52-week low of Rs 5,500 on 5 February 2018.

Meanwhile, Lakshmi Machine Works said after market hours yesterday, 22 October 2018, that it will buy back 2.66 lakh shares at Rs 6,000 each.

Lakshmi Machine Works is a leading textile machinery manufacturer in India and one among the three in the world to produce the entire range of spinning machinery. It caters to the domestic market as well as exports products to the Asian and Oceanic regions.

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