Balkrishna Industries rolls higher on robust Q1FY19

Bhagyashree Vivarekar
/ Categories: Trending, Markets, DSIJ News

Balkrishna Industries, the auto tyres and rubber products maker, surged more than 8 per cent in Tuesday’s trade with the F&O segment grabbing the top most position in the gainers’ list. The rally was on the back of robust Q1FY19 earnings performance by the company.

The company’s total income came in at Rs. 1,444.62 crore as compared to Rs. 1,104.26 crore in Q1FY18, registering 30.8 per cent growth. The company posted 50.35 per cent YoY growth in Q1FY19 profit to Rs. 230.25 crore as against Rs. 153.14 crore in Q1FY18. The board declared an interim dividend of Rs. 2 per equity share of Rs. 2 each.

The company’s management revised its FY19 volume guidance nearly by 13-15 per cent to 2,25,000-2,30,000 MT as against 10 per cent, previously.

The stock hit a Shooting star on April 17, 2018 at 1,354 levels i.e. its record high and thereby witnessed a continuous fall up to 1,010. The stock bounced back making higher high and higher low and has neared its peaks where it hit a high of 1,335. On Tuesday’s rally was supported by volume spurt and 14-period RSI positive crossover and currently quoting at 67. The stock holds potential for more upside in the near-term.

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