Lakshmi Machine Works tumbles after weak Q2 results

Lakshmi Machine Works fell 4.58% to Rs 4,288.85 at 10:59 IST on BSE after net profit declined 31.72% to Rs 37.92 crore on 14.36% decline in net sales to Rs 567.07 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 118.97 points, or 0.43%, to 27,717.54.

On BSE, so far 4,443 shares were traded in the counter, compared with average daily volume of 7,118 shares in the past one quarter. The stock hit a high of Rs 4,420 and a low of Rs 4,200 so far during the day. The stock hit a record high of Rs 4,698.50 on 6 October 2016. The stock hit a 52-week low of Rs 3,050 on 26 February 2016. The stock had outperformed the market over the past 30 days till 26 October 2016, rising 4.03% compared with 1.37% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 22.52% as against Sensex's 1.32% decline.

The mid-cap company has equity capital of Rs 11.27 crore. Face value per share is Rs 10.

In a separate announcement after market hours yesterday, 26 October 2016, Lakshmi Machine Works announced that its board of directors has approved the buyback of 3.11 lakh equity shares, or 2.76% equity, of the company at Rs 4,450 per share, aggregating to an amount of Rs 138.39 crore.

Lakshmi Machine Works manufacturers entire range of textile spinning machinery from blow room to ring spinning.

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