Talbros Automotive Components spurted 17.45% to Rs 294.85 at 15:19 IST on BSE on reports a domestic brokerage has initiated coverage with a buy rating with a target price of Rs 353 per share.
Meanwhile, the S&P BSE Sensex was down 103.70 points or 0.31% at 33,620.74.
On the BSE, 2.70 lakh shares were traded on the counter so far as against the average daily volumes of 15,343 shares in the past one quarter. The stock had hit a high of Rs 298.40 so far during the day, which is a record high. The stock hit a low of Rs 260.10 so far during the day. The stock had hit a 52-week low of Rs 119.45 on 26 December 2016.
According to the broking house, the company is all set to resume its high growth trajectory after a period of consolidation. It feels that the electric vehicles are a threat but impact is coming into play post 2023, while forgings segment will boost because of new international orders from original equipment manufacturers (OEMs).
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 engaged in the manufacturing of gaskets and forgings.
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