Shilpi Cable jumps on business expansion plans

Shilpi Cable Technologies rose 4.32% to Rs 66.40 at 12:57 IST on BSE after the company said it tied up with a New Zealand-based company to foray into the next generation technology of radio frequency.

The announcement was made during trading hours today, 8 October 2015.

Meanwhile, the BSE Sensex was down 232.25 points, or 0.86%, to 26,803.60.

On BSE, so far 1.96 lakh shares were traded in the counter, compared with an average volume of 70,038 shares in the past one quarter.

The stock hit a high of Rs 68 and a low of Rs 62.75 so far during the day. The stock hit a record high of Rs 78.50 on 8 October 2014. The stock hit a 52-week low of Rs 30.60 on 29 June 2015.

The stock had outperformed the market over the past one month till 7 October 2015, rising 20.55% compared with 8.60% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 52.82% as against Sensex's 4.03% decline.

The small-cap company has an equity capital of Rs 102.63 crore. Face value per share is Rs 10.

Shilpi Cable Technologies said that it entered into a joint venture with the New Zealand-based Eyecom Telecommunications Equipments to introduce Base Station Antenna (BSA) products for 2G/3G/4G for marking its foray into the next generation technology of radio frequency (RF).

Eyecom Telecommunications Equipments is one of leading RF path technology solution providers globally.

On a consolidated basis, net profit of Shilpi Cable Technologies rose 47.89% to Rs 55.49 crore on 43.41% rise in net sales to Rs 1010.88 crore in Q1 June 2015 over Q1 June 2014.

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

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