Shares of this tyre manufacturing company are buzzing on the bourses today!

Shares of this tyre manufacturing company are buzzing on the bourses today!

Indian Market
by 5paisa Research Team Last Updated: 2023-01-09T13:01:54+05:30

Yesterday, the company reported that it has fulfilled an interest payment obligation amounting to Rs 500 crore.

The shares of Balkrishna Industries Ltd are buzzing on the bourses today. As of 2.33 pm, the shares of Balkrishna Industries are trading higher by 3.19%. Today, the company’s shares witnessed a spurt in trading volume by more than 1.19 times. Owing to this, the stock is one of the top gainers on BSE from Group A.

Meanwhile, the frontline index S&P BSE Sensex is down by 0.78%.

Balkrishna Industries Limited is engaged in the manufacturing of tyres mainly meant for agricultural, industrial and construction, earthmover and port, mining, forestry, lawn and garden and all-terrain vehicles (ATV).

Yesterday, the company reported that it has made payment of interest for 5000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs). These NCDs had a face value of Rs 10 lakh each and aggregated to Rs 500 crore. This interest payment was due during the quarter that ended on 31st December 2022.

Before that, the company reported that its expansion project of 55,000 MTPA carbon black project & power plant was completed on 31st December 2022.

Looking at the financial performance, in the recent quarter Q2FY23, the company’s consolidated net sales increased by 28.24% YoY to Rs 2,657.52 crore. On the segmental front, agricultural sales volume contributed 64%, OTR contributed 32.9% and other services contributed 3.1%.

The company is currently trading at a TTM PE of 29.24x against the industry PE of 48.35x. In FY22, the company delivered an ROE & ROCE of 22.20% and 24.10%, respectively. The company is a constituent of Group A stocks and commands a market capitalization of Rs 42,323.90 crore.

Today, the scrip opened at Rs 2121.80, which was also the day’s low. The scrip touched an intra-day high of Rs 2232. So far 15,776 shares have been traded on the bourses. The stock has a 52-week high & low of Rs 2,536.75 and Rs 1,681.95 respectively, on BSE.


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