Talbros Automotive Components rose 8.04% to Rs 312.95 at 12:01 IST on BSE on reports that a domestic brokerage firm initiated its coverage on the stock with a buy rating and target price of Rs 389.
Meanwhile, the S&P BSE Sensex was up 101.35 points, or 0.30% to 33,703.03.On the BSE, 1.21 lakh shares were traded in the counter so far, compared with average daily volumes of 33,000 shares in the past two weeks. The stock had hit a high of Rs 318.60 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 300 so far during the day. The stock hit a 52-week low of Rs 119.45 on 26 December 2016.
The domestic brokerage reportedly stated that it expects the company's revenue to grow at a compounded rate of 16% and net profit to double by March 2020.
On a consolidated basis, Talbros Automotive Components' net profit rose 129.8% to Rs 6.94 crore on 26% growth in net sales to Rs 100.80 crore in Q2 September 2017 over Q2 September 2016.
Talbros Automotive Components is an auto component manufacturer. The company is engaged in the manufacturing of gaskets and forgings.
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