Elgi Equipments surged 5.64% to Rs 177 at 15:15 IST on BSE after consolidated net profit jumped 235.67% to Rs 18.05 crore on 1.42% rise in sales to Rs 341.60 crore in Q2 September 2016 over Q2 September 2015.
The result was announced after market hours yesterday, 15 November 2016.Meanwhile, the S&P BSE Sensex was up 102.79 points or 0.39% at 26,407.42.
On BSE, so far 3,158 shares were traded in the counter as against average daily volume of 5,093 shares in the past one quarter. The stock hit a high of Rs 184.10 and a low of Rs 173.45 so far during the day. The stock had hit a record high of Rs 204.70 on 10 October 2016. The stock had hit a 52-week low of Rs 118.70 on 11 February 2016. The stock underperformed the market over the past one month till 15 November 2016, dropping 13.14% compared with the Sensex's 4.95% fall. The scrip however outperformed the market in past one quarter, declining 0.27% as against the Sensex's 6.56% decline.
Elgi Equipments said that the company's compressor business grew well in India and neighbouring markets, but was subdued in growth in the rest of the world. The international business performance remained satisfactory with good amount of traction seen in the US market. The automotive business continues to grow in line with the industry, company said.
The company in its outlook for Q3 December 2016 said that the market in India and in the world continue to remain uncertain. The direction of impact of recent geopolitical changes are difficult to predict, it added.
Elgi Equipments manufactures air compressors and automobile service station equipment.
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