Action Construction zooms over 100% in one month; stock hits new high

The stock hit a new high of Rs 156, up 10% on the BSE, extending its 60% surge in past two weeks.

Action Construction Equipment hit a new high of Rs 156, up 10% on the BSE, extending its 60% surge of the past two weeks after the company reported nearly three-fold jump in its net profit at Rs 11 crore in September 2017 quarter (Q2FY18). The company engaged in transport related services business had posted profit of Rs 4 crore in the same quarter of the last fiscal year.

Revenue from operations during the quarter under review increased by 31% at Rs 251 crore against Rs 190 crore in the corresponding quarter of previous fiscal.

On Wednesday, November 15, 2017, Vijay Agarwal (60,000) and Sorab Agarwal (26,000) had purchased a combined 86,000 shares of Action Construction Equipment through open market, the company said in a regulatory filing.

Post transaction, the combined holding of Vijay Agarwal and Sorab Agarwal, has increased to 41.39% from 41.31%, it added. The promoters held 73.1% stake in the company as on September 30, 2017, the shareholding pattern data shows.

At 01:33 PM; the stock was trading 8% higher at Rs 154 on the BSE, as compared to 0.38% rise in the S&P BSE Sensex. A combined 4.15 million shares changed hands on the counter on the BSE and NSE so far.

In past one month, it zoomed 115% from Rs 72 against 3.4% rise in the benchmark index.