Mahindra Ugine Steel Company has moved higher by 7% to Rs 140 after reporting more than double profit before extraordinary items at Rs 18 crore for the third quarter ended December 31, 2013 (Q3FY14). The company had profit Rs 7.61 crore in a year ago quarter.
The company has reported a net profit of Rs 184 crore during the quarter against Rs 2 crore, on back of one-time gain of Rs 227 crore on sale of investments and land and buildings.
Total income from operations declined by 5.4% at Rs 192 crore against Rs 203 crore in the corresponding quarter of previous fiscal. EBIDTA or operating profit margin improved 60bps to 10% from 9.4% during the recently concluded quarter.
The stock opened at Rs 132 and touched a 52-week high of Rs 141 on the NSE. A combined 205,000 shares changed hands on the counter so far on the NSE and BSE.
The company has reported a net profit of Rs 184 crore during the quarter against Rs 2 crore, on back of one-time gain of Rs 227 crore on sale of investments and land and buildings.
Total income from operations declined by 5.4% at Rs 192 crore against Rs 203 crore in the corresponding quarter of previous fiscal. EBIDTA or operating profit margin improved 60bps to 10% from 9.4% during the recently concluded quarter.
The stock opened at Rs 132 and touched a 52-week high of Rs 141 on the NSE. A combined 205,000 shares changed hands on the counter so far on the NSE and BSE.
