Shankara Building drops on profit taking

Shankara Building Products lost 6.01% to Rs 2,136.95 at 10:01 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was down 72.09 points or 0.22% at 32,730.35.

On the BSE, 49,000 shares were traded on the counter so far as against average daily volumes of 1.04 lakh shares in the past two weeks. The stock had hit a high of Rs 2,248 and a low of Rs 2,095.95 so far during the day. The stock had hit a record high of Rs 2,365 yesterday, 5 December 2017 and a record low of Rs 545 on 5 April 2017.

The stock had outperformed the market over the past one month till 5 December 2017, advancing 51.49% compared with the Sensex's 2.62% fall. The stock had also outperformed the market over the past one quarter, gaining 72.65% as against the Sensex's 3.12% rise.

The mid-cap company has equity capital of Rs 22.85 crore. Face value per share is Rs 10.

Shares of Shankara Building Products had rallied 39.39% in the preceding six trading sessions to settle at Rs 2,273.70 yesterday, 5 December 2017, from its closing of Rs 1,631.10 on 27 November 2017.

Shankara Building Products had recently announced the opening of its 123rd store under the 'Shankara Buildpro' brand at Kundanahalli gate, Bangalore. The store admeasures around 8,399 square feet and houses a diverse basket of product offerings.

On consolidated basis, Shankara Building Products' net profit rose 28% to Rs 17.32 crore on 5.1% decline in net sales to Rs 571.62 crore in Q2 September 2017 over Q2 September 2016.

Shankara Building Products is one of the leading organized retailers of home improvement and building products in India based on number of stores, operating under the brand name 'Shankara Buildpro.

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