Shanthi Gears up 9%, hits record high in a weak market on healthy outlook

With no major debt-funded capex plans in the medium term, rating agency ICRA expects the company's debt coverage metrics and liquidity to remain strong

Shares of Shanthi Gears (SGL) hit a record high of Rs 347.90, as they rallied 9 per cent on the BSE in Monday's intra-day trade in an otherwise weak market. The stock of the industrial machinery company surpassed its previous high of Rs 344.05, touched on September 20, 2022, on the back of healthy business outlook. In comparison, the S&P BSE Sensex was down 1.2 per cent at 57,428 points at 01:40 PM.

In the past five weeks, the market price of SGL has soared 47 per cent, as against 1 per cent decline in the benchmark index. In