SKF India retracts from record high on profit booking

SKF India lost 1.79% to Rs 817 at 15:17 IST on BSE on profit booking after recent gains after net profit surged 89.72% to Rs 49.10 crore on 8.25% growth in total income from operations to Rs 579.47 crore in Q1 March 2014 over Q1 March 2013.

The Q1 result was announced during trading hours today, 23 April 2014.

Meanwhile, the S&P BSE Sensex was up 55.47 points or 0.24% at 22,813.84.

On BSE, so far 41,000 shares were traded in the counter as against average daily volume of 6,190 shares in the past one quarter.

The stock was volatile. The stock rose as much as 2.89% at the day's high of Rs 856 so far during the day, which is a record high for the counter. The stock lost as much as 3% at the day's low of Rs 807 so far during the day. The stock had hit a 52-week low of Rs 432.05 on 8 August 2013.

The stock had underperformed the market over the past one month till 22 April 2014, surging 4.39% compared with the Sensex's 4.61% rise. The scrip had, however, outperformed the market in past one quarter, jumping 31.01% as against Sensex's 6.66% rise.

The mid-cap company has equity capital of Rs 52.73 crore. Face value per share is Rs 10.

Shares of SKF India had risen 4.95% in three trading sessions to settle at Rs 831.90 on Tuesday, 22 April 2014, from a recent low of Rs 792.65 on 16 April 2014.

SKF India's profit before tax (excluding exceptional items) rose 20% to Rs 75 crore in Q1 March 2014 over Q1 March 2013.

Commenting on the company's Q1 performance, Mr. Shishir Joshipura, MD, SKF India said, "The quarter witnessed continued challenge of growth across the entire spectrum of industry amidst an unchanged economic environment. Continuing with our efforts of forging deeper ties with existing customers and reaching out to new customers offering enhanced delivered value with continued focus on improving our operations enabled us to deliver an improved performance and consolidate our leadership position".

SKF India is a leading global supplier of bearings, seals, mechatronics, lubrication systems, and services, which include technical support, maintenance and reliability services, engineering consulting and training.

Powered by Capital Market - Live News