Swaraj Engines fell 1.07% to Rs 940 at 12:45 IST on BSE as net profit rose 2.9% to Rs 17.70 crore on 10.29% growth in net operating revenue to Rs 167.20 crore in Q2 September 2014 over Q2 September 2013.
The company announced Q2 results after market hours on Monday, 20 October 2014.
Meanwhile, the BSE Sensex was up 11.89 points or 0.04% at 26,441.74.
On BSE, so far 2,688 shares were traded in the counter, compared with an average volume of 7,957 shares in the past one quarter.
The stock hit a high of Rs 972.60 and a low of Rs 925.10 so far during the day. The stock hit a record high of Rs 1080 on 23 September 2014. The stock hit a 52-week low of Rs 455 on 31 October 2013.
The stock had underperformed the market over the past one month till 20 October 2014, falling 6.2% compared with 2.44% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 3.85% as against Sensex's 3.07% rise.
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The mid-cap firm has an equity capital of Rs 12.42 crore. Face value per share is Rs 10.
Operating profit rose 8% to Rs 24.60 crore in Q2 September 2014 over Q2 September 2013, in tandem with increased engines sales volume. However, due to higher depreciation to comply with the changes in Companies Act 2013 and CSR spend coupled with lower income on surplus funds, profit before tax (PBT) during the quarter stood almost unchanged at Rs 25.10 crore as in Q2 September 2013.
Swaraj Engines' board of directors at its meeting held yesterday, 20 October 2014, inter alia, appointed Sudhir Mankad as Chairman of the Board in place of G. P. Gupta who consequent to his resignation ceased to be the director of the company after the conclusion of the last Annual General Meeting of the company held on 31 July 2014.
Swaraj Engines is manufacturing engines for fitment into Swaraj tractors being manufactured by Mahindra & Mahindra (M&M) at its Swaraj Division. SEL is also supplying hi-tech engine components to SML Isuzu, the erstwhile Swaraj Mazda, for assembly of commercial vehicle engines.
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