ABC Bearings Strikes 52-week High on Robust Q4 Result

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May 06,2010

ABC Bearings spurted 5.40% to Rs 118 at 10:26 IST on BSE, after net profit galloped 2239.29% to Rs 6.55 crore on 94.54% surge in net sales to Rs 51.67 crore in Q4 March 2010 over Q4 March 2009. The company declared its results after trading hours on Tuesday, 4 May 2010. Meanwhile, the BSE Sensex was down 198.03 points, or 1.16% to 16,939.11. On BSE, 53,700 shares were traded in the counter as against an average daily volume of 14,358 shares in the past one quarter. The stock hit a high of Rs 123.30 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 108 so far during the day. The stock had hit a 52-week low of Rs 34.50 on 4 May 2009. The small-cap stock had outperformed the market over the past one month till 4 May 2010, rising 10.08% as compared to the Sensex's 3.14% fall. It had also outperformed the market in the past one quarter, gaining 31.63% as compared to the Sensex's return of 5.62%. The company's equity capital is Rs 11.55 crore. Face value per share is Rs 10. ABC Bearings' net profit jumped 212.16% to Rs 20.54 crore on 19.93% increase in net sales to Rs 160.54 crore in the year ended March 2010 over the year ended March 2009. At the time of announcing the results, the board of directors of the company recommended a dividend at the rate of Rs 4.50 per share (45%) for the year ended March 2010.

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