LG Balakrishnan slips on profit taking

LG Balakrishnan & Bros declined 2.39% to Rs 1,034.95 at 15:15 IST on BSE, with the stock sliding on profit booking after recent stellar rally despite a weakness in broader market.

Meanwhile, the S&P BSE Sensex was down 246.57 points or 0.72% at 33,764.19. The S&P BSE Small-Cap index fell 1.01%, underperforming the Sensex.

On the BSE, 353 shares were traded on the counter so far as against average daily volumes of 2,892 shares in the past one quarter. The stock had hit a high of Rs 1,048.75 and a low of Rs 1,025 so far during the day. The stock had hit a record high of Rs 1,138.80 on 21 December 2017 and a 52-week low of Rs 534 on 10 February 2017.

The stock had outperformed the market over the past one month till 16 February 2018, sliding 1.76% compared with the Sensex's 2.19% fall. The stock had also outperformed the market over the past one quarter, advancing 15.52% as against the Sensex's 2.73% rise. The scrip had also outperformed the market over the past one year, surging 90.2% as against the Sensex's 20.17% rise.

The small-cap company has equity capital of Rs 15.70 crore. Face value per share is Rs 10.

Shares of L G Balakrishnan & Bros had rallied 16.28% in the past seven trading sessions to settle at Rs 1,060.25 on Friday, 16 February 2018, from its closing of Rs 911.75 on 6 February 2018.

L G Balakrishnan & Bros' net profit surged 76.4% to Rs 22.47 crore on 19.8% growth in net sales to Rs 333.46 crore in Q3 December 2017 over Q3 December 2016.

L G Balakrishnan & Bros makes chains, sprockets and metal formed parts for automotive applications.

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