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Monday, February 01, 2016

V-Guard Ind surges over 5 pct as Q3 profit rises

Shares of V-Guard Industries rose over 5 per cent on Bombay Stock Exchange (BSE) after the company reported more than doubled net profit at Rs 21.48 crore for the third quarter ended December 31, 2015 (Q3FY16). The company had profit of Rs 9.23 crore in the same quarter year ago. Net revenue from operations for the quarter were Rs 416 crore; an increase of 5.3 per cent over the corresponding quarter of last fiscal. “Efficiency in operations and better working capital management have supported in improving the margin,” V-Guard Industries said in a release. Reacting to the news, shares of the company gained 5.01 per cent to Rs 934.05 a piece on Bombay Stock Exchange. Shares of the company surged 5.23 per cent to Rs 939 a piece on National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 24,953.65, up 82.96 points, or 0.33 per cent at 11.00 hours.