Search This Blog

Tuesday, September 6, 2016

Electrosteel Castings gain huge at the Morning Trade

Electrosteel Castings Electrosteel Castings is a leading manufacturer of ductile iron pipes, fittings and cast iron pipes. The company had declared its Quarter result on 29th August 2016. It had reported an 86% rise in net profit to Rs 10.06 crore during the quarter ended June 30, 2016, as compared to the net profit of Rs 5.4 crore in the previous corresponding period. Electrosteel Castings share price has been trading almost flat around the period of its result.
The company's total income for the quarter under review, however, dropped to Rs 420.90 crore against Rs 479.03 crore. Electrosteel Castings earnings before interest, taxes, depreciation and amortization showed a rise of 24% during the quarter at Rs 77.50 crore against Rs 62.50 crore.
The EBITDA margins for the period showed improvement on the back of reduction in material cost and increased operational efficiencies. The Electrosteel share price was trading at Rs 23.55 on the BSE on 29th August, down 0.63% from its previous close of Rs 23.70.
The company issued a statement on 29th August saying that it has received part compensation amounting to Rs 73.20 crore on account of de-allocation of a coal mine.
Today, on September 6, 2016, Electrosteel share price has gained over 9%, thus topping the race of top gainers in the morning trade. The stock opened at Rs. 22.40 and was currently trading at Rs. 23.80.  The stock had previously closed at Rs. 21.80. The Intraday high and low for the scrip is Rs. 26.50 and Rs. 21.75 respectively. For details of the stock, check Electrosteel Castings share price history page of Dynamic Levels website.

No comments:

Post a Comment