 "Select stocks zoom 20% on robust Q4 results")
Shares of select companies such as Tasty Bite Eatables, Hester Biosciences, Jayant Agro Organics and Store One Retail India have hit the upper circuit of 20% on the BSE with no sellers seen on the counters.
The rally comes on the back of a robust set results for the quarter ended March 31, 2016 (Q4FY16).
The rally comes on the back of a robust set results for the quarter ended March 31, 2016 (Q4FY16).
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Tasty Bite Eatables has rallied 20% to Rs 2,024, also its 52-week high on the BSE, after the company reported a strong 85% year on year (YoY) jump in net profit at Rs 5.88 crore for the fourth quarter ended March 2016 (Q4FY16). The company engaged in packaged foods business posted a profit of Rs 3.18 crore in the year ago quarter.
Hester Biosciences surged 20% to Rs 638 the company reported 56% YoY growth in net profit at Rs 55 crore for Q4FY16, on back of healthy operational income. The pharmaceutical company reported a profit of Rs 35 crore in the same quarter year ago.
The company said the main drivers for the improvement in the bottom line have been better inventory management, stricter credit controls and the shift in the product mix.
Jayant Agro Organics has moved higher to its 52-week high of Rs 163, up 20% on the BSE after the company posted an over four-fold jump in consolidated net profit at Rs 8 crore in Q4FY16, on back of strong operational performance. The company engaged in specialty chemicals business had profit of Rs 1.91 crore in a year ago quarter.
The board of directors of the company recommended a dividend at the rate of 75% (including 25% special dividend) i.e. Rs 3.75 per share on equity shares of Rs 5 each.
Store One Retail India too locked in upper circuit of 20% at Rs 73.65, also its 52-week high on BSE, after the company reported a standalone net profit of Rs 39 crore in Q4FY16 against Rs 5.39 crore in Q4FY15.
Xchanging Solutions is locked in upper circuit for the second straight day, up 20% at Rs 72.10 on BSE after the company engaged in information technology (IT) services business announced voluntary delisting plan. The stock zoomed 44% in past two trading sessions from Rs 50 on May 5.
The board of director of the company will meet on May 11, 2016 to consider the proposed delisting offer and any other matters incidental thereto, Xchanging Solutions said in a statement.
Diamond Power Infrastructure too locked in upper circuit of second day in row, up 10% at Rs 49.30 on after the company announced that the board will meet on Monday, May 16, 2016, to evaluate various debt re-alignment options including stake sale to strategic investor and re-organization of company’s various businesses.