Shaily Engineering Plastics Shares Surge 15% After Q1 Profit Jumps
The plastic-product manufacturer's consolidated net profit surged 33% year-on-year to Rs 12.6 crore in the June quarter.
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%.
