Shares of Kalyani Steels surged 105 per cent in the past one month.
Shares of Kalyani Steels surged 105 per cent in the past one month. The scrip jumped to Rs 386.70 on August 22 from Rs 189.10 on the same day a year ago. For the quarter ended June 30, 2016, the company reported a net profit of Rs 46.80 crore, up 61.98 per cent, against Rs 28.89 crore in the corresponding quarter a year ago. Net sales of the company increased by 14.30 per cent year-on-year to Rs 344.43 crore for the quarter under review against Rs 301.34 crore in the same period last year. Operating profit of the company increased by 52.57 per cent year-on-year to Rs 87.98 crore from Rs 57.67 crore during the same period. The company announced its financial result for the quarter ended June 30, 2016 on July 25, 2016.
At 1.07 pm, shares of Kalyani Steel were trading 3.59 per cent down at Rs 372.80 on Tuesday. The scrip opened the day at Rs 386 and has touched a high and low of Rs 388.40 and Rs 370, respectively, in trade so far. Benchmark BSE Sensex was trading 47.48 points, or 0.17 per cent down at 27,938.06.
Chandan Taparia, analyst, Anand Rathi Financial Services is further bullish on the Kalyani Steel shares.
Bottomline figures of the company has jumped around 40 per cent annually in the past five years. For the financial year ended March 31, 2016, Kalyani Steel reported a consolidated net profit of Rs 113.58 crore against Rs 83.31 crore a year ago. It had reported a net profit of Rs 22.04 crore in FY12.
Kalyani Steel is leading manufacturer of forging and engineering quality carbon and alloy steels. The company offers wide range of steel of different grades, carbon alloy, seamless tubes, etc.