Moneycontrol Bureau
Shares of TTK Prestige rallied 6 percent intraday on Friday. The kitchen appliances manufacturer has signed a long-term settlement with the workers’ union at Hosur unit in Tamil Nadu.
“This settlement provides for a superior productivity as compared to the earlier settlements,” it said in a statement to the exchanges.
Its net profit had fallen 17.19 percent to Rs 21.96 crore in April-June quarter. Its net sales were up 3.62 percent to Rs 348.57 crore in Q1 as against Rs 336.39 crore last year.
In an earlier interview to CNBC-TV18, chairman TT Jagannathan had said sentiment and demand are now starting to pick up while after a lull in April and May, June and July have been rather good.
"We are launching four new pressure cookers. In cookware, we are launching two whole new series and in a lot of appliances, we have got 100 new stock keeping units (SKU) for launch this quarter which we expect will help us grow," he added.
At 12:07 hrs TTK Prestige was quoting at Rs 3,878.90, up Rs 136.30, or 3.64 percent on the BSE.
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