 "Sundram Fasteners hits new life-time high; gains 5% on solid Q4 earnings")
Sundram Fasteners rallied nearly 5 per cent to hit a new all-time high at Rs 1,091 in Friday's intra-day trade after the company reported solid Q4 performance.
At 10:20 AM, the stock was up 3.1 per cent at Rs 1,075 on trades of around 6,100 shares on the BSE as against the two-week average traded volume of around 3,040-odd shares. Meanwhile, the S&P BSE Sensex was down 0.3 per cent at 61,545.
The auto component major posted a 19 per cent rise in consolidated net profit at Rs 127.47 crore for the fourth quarter ended March 2023 as against Rs 107.43 crore during the same period in the previous year.
The company's consolidated revenue from operations rose 8.1 per cent year-on-year (YoY) to Rs 1,447.95 crore from Rs 1,339.84 crore in the same period.
For the entire financial year 2022-23, the company's net profit was seen up at Rs 500.35 crore as against net profit of Rs 461.83 crore in FY22. Total income increased by 15.5 per cent to Rs 5,662.75 crore. READ MORE
In the quarter under review, the TVS Group company had won its biggest contract in the EV segment worth $250 million from a leading global automobile manufacturer for the supply of sub-assemblies for its electric vehicle (EV) unit.
In late April, the company informed BSE that CRISIL Ratings has re-affirmed its short-term debt and commercial paper ratings to CRISIL A1+.
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Earlier in the same month, General Motors has awarded the company 'Supplier of the Year' award at its annual supplier award function.
The stock has gained over 11 per cent so far in this fiscal year, as against a near 5 per cent rally in the benchmark indices.