Shares of Shaily Engineering Plastics Ltd. rose to the highest level in nearly seven weeks on Wednesday after its profit jumped in the first quarter.
The plastic-product manufacturer's consolidated net profit surged 33% year-on-year to Rs 12.6 crore in the June quarter, according to an exchange filing on Tuesday.
Shaily Engineering Q1 FY24 Highlights (Consolidated, YoY)
Revenue down 10% at Rs 157.3 crore.
Ebitda up 21% at Rs 26.8 crore.
Margin at 17% vs 12.7%.
Net profit up 33% at Rs 12.6 crore.
Shares of Shaily Engineering surged 12.24% to Rs 1,511.20 apiece, compared to a 0.38% decline in the benchmark NSE Nifty 50 at 1:27 p.m. It rose 15.05% to hit an intra-day high of Rs 1,549 per share, the highest level since June 22.
The stock has fallen 4.23% year-to-date. The total traded volume stood at 12 times its 30-day average. The relative strength index was at 66.
Two out of the three analysts tracking Shaily Engineering Plastics maintain a 'buy' rating, and one recommends a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 27.5%.
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