Lakshmi Machine Works tumbles after poor Q2 results

Lakshmi Machine Works slumped 8.25% to Rs 3,588.05 after consolidated net profit slipped 80.2% to Rs 12.16 crore on 49.7% decline in net sales to Rs 409.34 crore in Q2 September 2019 over Q2 September 2018.

The result was announced after market hours yesterday, 30 October 2019.

Meanwhile, the S&P BSE Sensex was up 309 points or 0.77% to 40,360.74.

On the BSE, 3,237 shares were traded in the counter so far compared with average daily volumes of 1,049 shares in the past two weeks. The stock hit an intraday high of Rs 3,910 and an intraday low of Rs 3,481.25 so far during the day.

The stock hit a 52-week high of Rs 6,431.40 on 8 March 2019. The stock hit a 52-week low of Rs 3,147.25 on 15 October 2019.

Lakshmi Machine Works is engaged in the manufacturing and selling of textile spinning machinery, computer numerical control machine tools, heavy castings, and parts and components for aerospace industry.

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