Steelcast hits 20% upper circuit on 3-fold Q1 nos

Steelcast is frozen at the 20% upper limit at Rs 109 after reporting more than three-fold year-on-year jump in net profit at Rs 2.45 crore for the first quarter ended June 30. The company had posted a net profit of Rs 0.74 crore in the corresponding quarter of the previous fiscal.

Net sales grew 74% to Rs 4,553 crore from Rs 2,616 crore during the recently concluded quarter.

“The improvement in performance is on account of better volumes and customers having given better pricing, resulting in better margins,” the company said in a filing to the stock exchanges.

The interest costs are steeply higher due to substantial investments in the expansion project and higher interest rates, it added.

As many as 34,183 shares have changed hands on the counter till 1007 hours, against an average 575 shares traded daily in the past two weeks. There are pending buy orders for 2,984 shares on the BSE.