Shares of Texmaco Rail & Engineering Ltd. surged over 11% on Monday after its second-quarter profit jumped.
The company's consolidated net profit rose by 69.99% year-on-year to Rs 20.2 crore in the quarter ended September, according to an exchange filing.
The board has considered and approved demerger of its Infra - Rail & Green Energy division into Belgharia Engineering Udyog Pvt. to ensure a focused business approach, the filing said. The demerger is subject to necessary approvals, including that from the Securities and Exchange Board of India, the shareholders and creditors of the company and the National Company Law Tribunal, it said.
Texmaco Rail & Engineering Q2 (Consolidated, YoY)
Revenue up 66.19% at Rs 805.05 crore.
Ebitda up 75.92% at Rs 76.25 crore.
Margins at 9.47% vs 8.95%
Net profit up 69.99% at Rs 20.2 crore.
Shares of the company rose as much as 11.70% intraday to Rs 148.95 apiece, the highest level since Sept. 12, 2022, before paring gains to trade 6.71% higher at Rs 142.30 apiece as of 10:12 a.m. This compares to a 0.01% decline in the NSE Nifty 50.
It has risen 150.97% on a year-to-date basis. Total traded volume so far in the day stood at 4.4 times its 30-day average. The relative strength index was at 60.5.
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