Symphony gains after launching new product range

Symphony gained 2.49% to Rs 1,193 at 14:00 IST on BSE after the company launched mobile commercial air cooler range, MobiCool.

The announcement was made during market hours today, 16 November 2016.

Meanwhile, the BSE Sensex was up 104.13 points, or 0.4%, to 26,408.76.

On BSE, so far 2,436 shares were traded in the counter, compared with an average volume of 4,598 shares in the past one quarter. The stock hit a high of Rs 1,216 and a low of Rs 1,156.65 so far during the day. The stock had hit a 52-week high of Rs 1,465 on 26 October 2016. The stock had hit a 52-week low of Rs 978 on 29 January 2016. The stock outperformed the market over the past one month till 15 November 2016, gaining 2.06% compared with the Sensex's 4.95% fall. The scrip also outperformed the market in past one quarter, rising 2.37% as against the Sensex's 6.56% decline.

The mid-cap company has an equity capital of Rs 13.99 crore. Face value per share is Rs 2.

Expanding its product portfolio in the commercial and industrial cooling segment, Symphony launched 'MobiCool' range of air coolers to tap huge potential in the commercial and industrial space including cooling requirement of large open spaces, halls etc. The company eyes to tap huge potential for 'MobiCool' range which is currently catered by unorganised players. The company is also considering exporting these coolers globally.

'MobiCool' is an ideal cooling appliance for outdoors and most suitable for large open areas including party plots, wedding halls, restaurants, religious spaces. It also has huge potential in the commercial and industrial spaces such as factories, workshops, warehouses, school and colleges, bus stations, railway stations and similar large floor space places. Easy to operate and maintain, 'MobiCool' has remote control, robust weather resistant body, strong wheels for easy portability and also runs on inverter.

'MobiCool' will cater to the segment that falls between the residential and the large commercial spaces. Symphony launched 5 models in 'MobiCool' range, 'MOBICOOL 30', 'MOBICOOL 30S', 'MOBICOOL 70', 'MOBICOOL 190' and 'MOBICOOL XL' which cools large spaces and with huge tank capacity up to 190 litres. MOBICOOL XL is a unique portable cooler that comes with ducts and grills.

Symphony's net profit rose 36.6% to Rs 39.28 crore on 31.3% rise in net sales to Rs 150.27 crore in Q2 September 2016 over Q2 September 2015.

Symphony manufactures residential, commercial and industrial coolers.

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