Sundram Fasteners Share Price Zooms 14% on Q1 Results

Sundram Fasteners share price zoomed 14 per cent on NSE today. It has moved higher to its record high of Rs.303, up 20 per cent on BSE in intra-day trade, extending its past 5 days rally, after posted a robust result for the quarter ended June 30, 2016. As of 11.38 am, the volume traded on the NSE counter stood at a massive figure of 23,51,097 shares with a traded value of Rs.6,631.50 lac.

In past 6 trading sessions, since the 8^th of August, the scrip zoomed 58 per cent from Rs.192, as compared to 0.23 per cent decline in the S&P BSE Sensex. As of 11:01 am, Sundram Fastners was up 15 per cent at Rs.291 on the BSE, as compared to 0.22 per cent rise in the benchmark index. The trading volumes surged more than three-fold with a combined 2.7 million shares changed hands.

The TVS Group Company involved in auto parts and equipment business registered a net profit of Rs.75.55 cr in Q1FY17 as compared to Rs.38.51 cr during the same period last year. The EBITDA or earnings before interest, depreciation and taxes margin extended 465 basis points to 19.63 per cent from 14.98 per cent, on account of volume growth, product mix and specific cost reduction initiatives.

Sundram Fasteners said that the interest cost had been contained within limits due to better working capital management. The company added that the automotive industry and consequently the automotive component market has shown good growth and shall continue to do so because of the prospect of a robust economic growth, good monsoon and higher disposable income available on account of the recently pay commission increase.

According to Dynamic Levels, Sundram Fastners is a multibagger and has very strong financials and fundamentals. It can be an awesome stock to invest in and could give high returns.For more information on the scrip, please visit Sundram Fastners share price history.