Shares of Lloyds Metals and Energy Ltd. gained after reporting best-ever operating performance for Q1FY24.
The company's direct reduced iron, or sponge iron, production grew 45% year-on-year to 66,273 tonnes in the first quarter ended June, according to an exchange filing. Production of iron ore increased by 400% year-on-year to 3.8 million tonnes. At 1.2 million tonnes in Q1FY24, the company also recorded its best-ever monthly iron ore output in April 2023.
Additionally, in the first quarter, the company shipped its first order for export, broadening its geographic reach outside pan-India.
Shares of the company rose 4.38% to Rs 413.05 apiece compared to a 0.38% advance in the BSE Sensex as of 11:23 a.m.
The total traded quantity so far in the day stood at 3.2 times the 30-day average volume. The stock's relative strength index stands at 78, indicating that it may be overbought.
Out of the four analysts tracking the stock, one maintains a 'buy', two recommend a 'hold', and one suggests a 'sell', according to Bloomberg data. The consensus price estimate indicates a 15.2% downside over the next 12 months.
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