 "Shalimar Paints hits 52-week high; soars over 40% in one month")
Shalimar Paints has soared 13% to Rs 158, also its 52-week high on the BSE, on the back of heavy volumes. Trading volumes in the counter nearly doubled with a combined 694,767 shares changed hands on the BSE and NSE till 11:58 am.
In past one-month, the stock of the company engaged in paint business has rallied 46% from Rs 108 on March 22, as compared to 2% rise in the S&P BSE Sensex.
The company is likely to report net profit for the financial year 2015-16 (FY16) after posting net loss in previous two fiscals.
For the first nine months (April-December) of FY16, the company had made a net profit of Rs 1.19 crore against loss of Rs 7.34 crore in the same period last year. It had recorded net loss of Rs 10.58 crore in FY15 and Rs 2.80 crore in FY14.
This positive development is the result of better performance of both the segments namely decorative and industrial segment, said Surendra Bhatia, chief operating officer and chief financial officer, Shalimar Paints, while announcing December quarter results.
The company’s resin and packaging paint plant is fully operational and the product will be available in the market from this month onward. This will result in better sales and revenue in the forthcoming quarter, he said on February 1, 2016.
In past one-month, the stock of the company engaged in paint business has rallied 46% from Rs 108 on March 22, as compared to 2% rise in the S&P BSE Sensex.
The company is likely to report net profit for the financial year 2015-16 (FY16) after posting net loss in previous two fiscals.
For the first nine months (April-December) of FY16, the company had made a net profit of Rs 1.19 crore against loss of Rs 7.34 crore in the same period last year. It had recorded net loss of Rs 10.58 crore in FY15 and Rs 2.80 crore in FY14.
This positive development is the result of better performance of both the segments namely decorative and industrial segment, said Surendra Bhatia, chief operating officer and chief financial officer, Shalimar Paints, while announcing December quarter results.
The company’s resin and packaging paint plant is fully operational and the product will be available in the market from this month onward. This will result in better sales and revenue in the forthcoming quarter, he said on February 1, 2016.
