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New orders boost Bharat Wire Ropes

Capital Market 

Wire Ropes was locked at 5% upper circuit at Rs 86.20 at 10:42 on after the company said it has booked orders of about Rs 8 crore.

The announcement was made after market hours yesterday, 17 January 2017.

Meanwhile, the S&P Sensex was up 157.57 points or 0.58% at 27,393.23.

On the BSE, 80,000 shares were traded on the counter so far as against the average daily volumes of 1.78 lakh shares in the past one quarter. The stock had hit a high of Rs 86.20 so far during the day, which is also its record high. The stock had hit a low of Rs 83.35 so far during the day.

The stock had hit a record low of Rs 38 on 31 May 2016. The stock had outperformed the market over the past one month till 17 January 2017, advancing 60.98% compared with the Sensex's 2.82% rise. The scrip had also outperformed the market over the past one quarter advancing 90.27% as against the Sensex's 1.07% fall.

The small-cap company has equity capital of Rs 44.95 crore. Face value per share is Rs 10.

Wire Ropes said that it has booked orders of about Rs 8 crore which also constitutes a defense order of about Rs 6.5 crore. The company has bid for various projects and the outstanding bids/offers are for about Rs 60 crore, which are at various stages of evaluation.

Wire Ropes' net profit rose 17.1% to Rs 0.41 crore on 42.6% rise in net sales to Rs 16.69 crore in Q2 September 2016 over Q2 September 2015.

Bharat Wire Ropes is engaged in manufacturing of wire ropes and slings for use in a varied list of application/industries such as general engineering, fishing, elevators, cranes, material handling, onshore/offshore oil exploration, ports and shipping and mining.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 18 2017. 10:36 IST