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BSE   14 Jun 19 | 12:00 AM

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Code: 502355
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Balkrishna Industries hits record high

SI Reporter / Mumbai 02 Dec 16 | 10:32 AM

Balkrishna Industries hit a record high of Rs 1,286 on the National Stock Exchange (NSE) in intra-day trade, extending its past two days surge after the company reported a robust set of numbers for the quarter ended September 30, 2016 (Q2FY17).

Auto tyres & rubber products maker had posted more than doubled its net profit at Rs 243 crore for the quarter ended September 30, 2016 (Q2FY17). It had a profit of Rs 106 crore in the same period last year.

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EBITDA (earnings before interest, tax, depreciation and amortization) margin expanded 130 basis points to 32.5% compared to 31.2% last year.

In past three trading sessions, the stock zoomed almost 40% from Rs 926 on Tuesday, November 29, as compared to 0.15% decline in the Nifty50 index.

The management has indicated at signs of demand revival across geography, visible from its strong H1FY17 performance.

“We believe Balkrishna Industries is an export dominated niche play and is well placed to capture the demand revival opportunity. Margins are also expected to sustain considering benign input cost and better product mix, going forward. Its strategy of higher utilisation, repayment of debt & deepening its reach will further supplement its growth," analysts at ICICI Securities said in a result updated.

The brokerage recommended a ‘buy’ rating on the stock with target price of Rs 1,400.

At 10:29 am; the stock was up 4.4% at Rs 1,242 on the NSE, against 0.78% decline in the benchmark index. A combined 530,345 shares changed hands on the counter on the NSE and BSE so far.

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