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Sona BLW Precision Forgings share price surges 16% on improved June quarter earnings

The company reported a net profit of Rs 82.2 crore in the quarter ended June 2021 and its revenue was up 226 percent at Rs 501 crore

August 10, 2021 / 12:59 PM IST
 
 
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Sona BLW Precision Forgings share price touched a 52-week high of Rs 559.65, rising more than 16 percent intraday on August 10 after the company reported a net profit of Rs 82.2 crore in the quarter ended June 2021.

The company’s revenue was at Rs 501 crore, growing 226 percent YoY. The net order book was at Rs 14,000 crore as of June 30, 2021.

"The stock has completed its eight weeks of listing being a new IPO listed on June 21 and scaled an all-time high. It is holding its short-term average and moved higher with sharp volumes with positive momentum in the sector," said Vikas Jain, Senior Research Analyst, Reliance Securities.

"The current up move can lead the stock higher near to Rs 538 levels being 61.8 percent Fibonacci move from the bottom of Rs 333 levels post listing," he added.

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The company shares made a strong market debut, closing 25 percent higher on June 24.

The stock closed the session at the day's high of Rs 362.85 on the BSE, rising 24.69 percent over the issue price of Rs 291 and hit the 20 percent upper circuit compared to the opening price of Rs 302.4.

At 1235 hours, Sona BLW Precision Forgings was quoting at Rs 545.10, up Rs 65.05, or 13.55 percent on the BSE.

 
Moneycontrol News
first published: Aug 10, 2021 12:58 pm

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