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PI Industries has soared 16% to Rs 508, also its record high on the National Stock Exchange (NSE), on the back of heavy volumes.
The stock opened at Rs 444 and has seen an over three-fold jump in trading volumes. Till 1320 hours, a combined 311,176 shares have changed hands on the counter as against an average of less than 100,000 shares that were traded daily in past two weeks on BSE and NSE.
The stock opened at Rs 444 and has seen an over three-fold jump in trading volumes. Till 1320 hours, a combined 311,176 shares have changed hands on the counter as against an average of less than 100,000 shares that were traded daily in past two weeks on BSE and NSE.
Shares of agrochemicals maker have outperformed the market by surging 33% in past one month after reporting a strong net profit growth for the quarter ended June 30 2014 (Q1). The benchmark CNX Nifty gained 1% during the same period.
"Profit after Tax (PAT) came in 48% higher over last year at Rs 71.74 crore in-line with better operating profit and lower finance costs. This resulted in a Basic EPS (earning per share) of Rs 5.27, up from Rs 3.58 per share in Q1 FY14," PI Industries said in a statement.
On the margins side, management highlighted that 100 - 150bps margin improvement is achievable in FY15E.
“Reduction in net debt by Rs 30 crore QoQ has further improved balance sheet. Robust cash flow generation, going forward, will be used to meet capex requirements, “says analyst at Prabhudas Lilladher in recent report.
