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Buoyed by the near 25 jump in sales in the first quarter of current fiscal, the Shanthi Gears Ltd stock hit its 52-week high on the NSE today but with the overall market sentiment being weak, the share could not hold on to the gains, though the counter witnessed surging volume of trading.
The scrip, which opened at Rs 45.90, moved up to its 52-week high of Rs 46.60 on the NSE. But it could not sustain its gains with the market turning weak and was trading at Rs 45, five paise up over its previous closing price. The counter witnessed a trading volume of 3.75 lakh shares by 2.50 pm.
According to the unaudited financial results for the quarter ending June 30, net sales/income from operations jumped to Rs 40.22 crore from Rs 32.54 crore in the corresponding period last year.
However, the consumption cost of raw materials nearly doubled to Rs 14.75 crore compared with Rs 7.68 crore in the same period last year and the employee cost also edged up to Rs 6.46 crore (Rs 4.15 crore).
Net profit in the first quarter of this year was higher at Rs 7 crore against Rs 5.95 crore in Q 1 of 2010-11. The EPS (share face value Re 1) was Re 0.86 (Re 0.73).
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