Nelco zooms 16.36% in nine sessions

Nelco rose 3.7% to Rs 89.60 at 14:36 IST on BSE, with the stock extending recent strong gains.

Meanwhile, the S&P BSE Sensex was down 169.63 points, or 0.57% at 29,618.72. The S&P BSE Small-cap index was down 58.58 points, 0.39% at 14,866.29.

High volumes were witnessed on the counter. On the BSE, 2.45 lakh shares were traded on the counter so far as against the average daily volumes of 23,777 shares in the past one quarter. The stock had hit a high of Rs 91.90 and a low of Rs 87.15 so far during the day.

The stock had hit a 52-week high of Rs 109.70 on 8 June 2016 and a 52-week low of Rs 68.40 on 22 November 2016. The stock had outperformed the market over the past one month till 11 April 2017, advancing 11.56% compared with the Sensex's 2.91% rise. The scrip had, however, underperformed the market over the past one quarter advancing 2.31% as against the Sensex's 9.76% rise.

The small-cap company has equity capital of Rs 22.82 crore. Face value per share is Rs 10.

Shares of Nelco sizzled 16.36% in nine trading sessions to its current ruling price of Rs 89.60, from a close of Rs 77 on 29 March 2017.

Nelco's consolidated net profit spurted 87.7% to Rs 2.29 crore on 0.52% increase in net sales to Rs 36.49 crore in Q3 December 2016 over Q2 September 2016.

Nelco offers solutions in the areas of integrated security & surveillance, VSAT connectivity (Tatanet VSAT), managed services, satcom projects and meteorological solutions. The company offers a range of innovative and customized solutions for businesses and government institutions under one roof.

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