Swaraj Engines drops on profit booking

Swaraj Engines lost 2.64% to Rs 1,814.50 at 15:14 IST on BSE, with the stock sliding on profit booking after a recent strong rally.

Meanwhile, the S&P BSE Sensex was down 104.67 points or 0.35% at 30,028.68. The S&P BSE Small-Cap index was down 6.50 points or 0.04% at 15,276.16.

On the BSE, 3,859 shares were traded on the counter so far as against the average daily volumes of 1,544 shares in the past one quarter. The stock had hit a high of Rs 1,880 and a low of Rs 1,807 so far during the day.

The stock had hit a record high of Rs 1,984.20 on 26 April 2017 and a 52-week low of Rs 1,079.75 on 16 May 2016. It had outperformed the market over the past one month till 26 April 2017, advancing 32.9% compared with the Sensex's 2.42% rise. The scrip had also outperformed the market over the past one quarter, gaining 31.67% as against the Sensex's 8.75% rise.

The small-cap company has equity capital of Rs 12.42 crore. Face value per share is Rs 10.

Shares of Swaraj Engines had rallied 26.62% in the preceding seven trading sessions to settle at Rs 1,863.65 yesterday, 26 April 2017, from its closing of Rs 1,471.80 on 17 April 2017. The stock settled higher by 12.71% in a single trading session yesterday, 26 April 2017, after the company reported strong Q4 March 2017 numbers after market hours on 25 April 2017.

Swaraj Engines' net profit rose 29.8% to Rs 15.28 crore on 41% growth in net sales to Rs 160.77 crore in Q4 March 2017 over Q4 March 2016.

Swaraj Engines is in the business of supplying engines to the Swaraj division of Mahindra & Mahindra. The company also manufactures hi-tech engine components for SML Isuzu.

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