ESAB India shares, on Monday, touched a 52-week high on stock exchanges during the early trade. Shares of the Chennai-based company touched an intra-day and 52-week high of ₹4,710.95 on NSE against the previous day’s closing price of ₹4,587.20
ESAB India is a step-down subsidiary of ESAB Corporation, a global major in the manufacture of welding and cutting equipment and consumables. ESAB India is engaged in the business of fabrication technology, catering to domestic and international markets. It offers a range of welding and cutting automation products, including carbon arc gouging, engine-driven welders, cutting machines, brazing, and soldering equipment, to name a few.
In FY23, the company posted a 61 per cent growth in net profit at ₹135.68 crore. Total income from operations for the full year stood at ₹1,099 crore (₹901 crore).
The stock price of ESAB India has rallied close to 30 per cent since March in tune with the overall market rally in the last 2-3 months, led by strong foreign fund inflows. In contrast, BSE Sensex and Nifty 50 rallied by 13 and 14 per cent, respectively, during this period.