Schaeffler India corrects after 2-day rising streak

Schaeffler India fell 1.75% to Rs 4,100 on profit booking after a recent rally.

Meanwhile, the S&P BSE Sensex was up 54 points or 0.14% to 39,143.65. The market surged in the past two sessions after the Finance Minister Nirmala Sitharaman on Friday, 20 September 2019, slashed corporate tax rate to 22% without exemptions. The effective corporate tax rate after surcharge now stands at 25.17%. The step has significant positive implications for corporates' profitability, broader economy and market valuations.

As on 31 March 2019, Schaeffler India paid corporate tax of 35.34%.

Shares of Schaeffler India gained 4.22% in the past two trading sessions to settle at Rs 4,173.15 yesterday, 23 September 2019, from its close of Rs 4,004.05 on 19 September 2019.

On the BSE, 416 shares were traded in the Schaeffler India counter so far compared with average daily volumes of 714 shares in the past two weeks. The stock hit an intraday high of Rs 4,173 and an intraday low of Rs 4,066.10 so far during the day.

The stock hit a 52-week high of Rs 5,836.3 on 14 January 2019. The stock hit a 52-week low of Rs 3,841 on 29 July 2019.

The stock had underperformed the market over the past one month, up 4.22% compared with 6.51% rise in the Sensex. The scrip underperformed the market in past one quarter, down 14.63% as against Sensex's 0.08% fall. The scrip had also underperformed the market in past one year, down 21.26% as against Sensex's 7.67% fall.

Schaeffler India's net profit fell 26.2% to Rs 82.48 crore on a 1.5% increase in net sales to Rs 1,116.70 crore in Q2 June 2019 compared with Q2 June 2018.

Schaeffler India, formerly FAG Bearings India, is engaged in the sale of ball/roller bearings and related components and sale of machines. The bearings firm produces its products under the brands, INA/FAG and LuK, across the world.

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