Shilpi Cable edges higher after completing expansion program

Shilpi Cable Technologies rose 1.38% to Rs 102.50 at 12:00 IST on BSE after the company completed expansion program for setting up of copper up cast for manufacturing of oxygen free copper rods & copper magnesium rods.

The announcement was made on Sunday, 11 December 2016.

Meanwhile, the BSE Sensex was down 124.81 points, or 0.47%, to 26,622.37.

On the BSE, 54,766 shares were traded in the counter so far, compared with an average volume of 73,451 shares in the past one quarter. The stock had hit a high of Rs 204 and a low of Rs 199.05 in intraday trade. The stock had hit a record high of Rs 211.55 on 2 September 2016. The stock had hit a 52-week low of Rs 44 on 26 February 2016.

The stock had outperformed the market over the past one month till 9 December 2016, rising 1.65% compared with the Sensex's 1.85% fall. The scrip had also outperformed the market in past one quarter, declining 1.99% as against the Sensex's 7.12% fall.

The small-cap company has an equity capital of Rs 110.63 crore. Face value per share is Rs 10.

Shilpi Cable Technologies announced that the expansion program for setting up of copper up cast for manufacturing of oxygen free copper rods & copper magnesium rods has been completed.

The machinery & technology has been imported from UK & it is one of the latest technology which will help the company not only to boost its revenue & margin but also give edge over its competitors, Shilpi Cable said.

On a consolidated basis, net profit of Shilpi Cable Technologies rose 100.7% to Rs 53.70 crore on 45.6% rise in net sales to Rs 1197.33 crore in Q2 September 2016 over Q2 September 2015.

Shilpi Cable Technologies is a specialist across the varieties of cables widely used in telecom, automotive and energy segment.

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