Shalimar Paints has rallied nearly 15% at Rs 95 on back of heavy volumes on the bourses. The stock opened at Rs 82.70 on BSE and has seen over two-fold jump in trading volumes.
At 1110 hours, a combined 1.09 million shares have already changed hands as against an average 500,000 shares that were traded daily in past two weeks on BSE and NSE.
Shares of paint maker has outperformed the market by surging 36% since November 11, after reporting 48% year-on-year (yoy) growth in profit at Rs 4.13 crore for the quarter ended September 30, 2013 due to lower raw material cost. The benchmark S&P BSE Sensex has gained less than 2% during the period.
EBITDA or operating profit for the quarter improved by more than 130bps yoy at 8.47% driven by superior product mix.
At 1110 hours, a combined 1.09 million shares have already changed hands as against an average 500,000 shares that were traded daily in past two weeks on BSE and NSE.
Shares of paint maker has outperformed the market by surging 36% since November 11, after reporting 48% year-on-year (yoy) growth in profit at Rs 4.13 crore for the quarter ended September 30, 2013 due to lower raw material cost. The benchmark S&P BSE Sensex has gained less than 2% during the period.
EBITDA or operating profit for the quarter improved by more than 130bps yoy at 8.47% driven by superior product mix.
By going forward, the company is confident of sustaining the current margins and see continuous improvement in sales growth.
