SML Isuzu Surges Over 5%, Hits 52-Week High On Robust March Sales
Shares of commercial vehicle maker SML Isuzu surged as much as 5.77 per cent to hit fresh 52-week high of Rs 1,364 after the company on Saturday announced a robust sales growth in the month of March. SML Isuzu sold 2,094 units in the month of March compared with 1,656 units sold during the same month last year. The company recorded a growth 26.4 per cent on a year on year basis.
Following this development, shares of SML Isuzu came in high demand as 26,000 shares changed hands on the BSE compared with an average of 5,968 shares traded daily in the past two weeks.
SML Isuzu shares have outperformed the benchmark indices as its shares have rallied a whopping 75 per cent in the financial year 2016-17 compared with a gain of 19 per cent in the Nifty.
Sumitomo Corporation, Japan and Isuzu Motors, Japan respectively hold 44 per cent and 15 per cent shareholding in SML Isuzu. SML Isuzu in the quarter ended December 2016 reported net profit of Rs 3.15 crore on sales of Rs 228.12 crore compared with a loss of Rs 93 lakhs in December quarter of 2015.
As of 2:52 pm, shares of SML Isuzu traded 3.7 per cent higher at Rs 1,337, outperforming the Nifty which was 0.58 per cent.