Shilchar Technologies surges on robust Q4 earnings

Shares of Shilchar Technologies surged nearly 12% to Rs 294 on the Bombay Stock Exchange after the company reported strong net profit growth in the fourth quarter ended March 31, 2016 on the back of lower raw material costs and other expenses.

Net profit for the March 2016 quarter surged 107% to Rs 2.8 crore compared with Rs 1.34 crore in the same quarter last fiscal.

Raw material costs for the quarter were lower at Rs 21.4 crore compared with Rs 28.6 crore in the same quarter last fiscal. Other expenses were also lower at Rs 1.5 crore compared with Rs 3.26 crore in the quarter ended March 31, 2015.

However, net sales for the quarter ended March 31, 2016 were lower by 19% at Rs 28.5 crore compared with Rs 35.3 crore in the same quarter last fiscal.

Meanwhile, the board has proposed a final dividend of 5% to the shareholders, the company said in a release.

The stock opened at Rs 299 and touched a high of Rs 314. At 12:05pm, over 33,000 shares were traded on the Bombay Stock Exchanges.