Bharat Bijlee shares advanced as much as 17 per cent in the early trade on Tuesday after the company posted 317.36 per cent year-on-year growth in its net profit.
Bharat Bijlee shares advanced as much as 17 per cent in the early trade on Tuesday after the company posted 317.36 per cent year-on-year growth in its net profit figures to Rs 8.89 crore for the quarter ended December 2015. The company made a net loss of Rs 4.09 crore in the corresponding quarter a year ago.
At 10.56 am, shares of Bharat Bijlee were trading 16.12 per cent up at Rs 785. The scrip opened at Rs 730 and has touched a high and low of Rs 796 and Rs 718, respectively, in trade so far. Later, the shares closed 19.97 per cent up at Rs 811.00.
Net sales of the company grew 21.33 per cent year-on-year to Rs 204.19 crore against Rs 168.29 in the corresponding quarter last year.
The promoters holding in the company stood at 35.76 per cent, while institutions and non-institutions held 16.36 per cent and 47.88 per cent respectively.
The company is a multi-product, multi-division company. It runs two business divisions i.e. Industrial Products- includes transformers, motors and drives; and Contracting i.e. Projects. The company started its operation by manufacturing electric motors. They broadened their business activities by venturing into manufacturing and installation of Olympus elevators. Bharat Bijlee also manufactures AC and DC Drives.