Yuken India on a high
Yuken India, a Japanese multinational that makes industrial hydraulics, has been consistently hitting new life time highs every single day. Yesterday, it had hit a high at Rs.2425 and today the new high was at Rs.2450. In the past one month, the stock has gained over 24%.
There is really nothing specific, as of now, happening on the counter except that it has caught the eye of the institutional investors who are out hunting for good midcap stocks. There is also unconfirmed news that it has sold some part of its land in Bangalore though there is no official word yet from the company.
The company’s Board is scheduled to meet on 9th Nov to consider Q2 and H1FY18 results; this could be a buildup towards that after which we could see some profit taking coming in.
The company had ended Q1FY18 with a turnaround – it had posted a net profit of Rs.75 lakh v/s net loss of Rs.2 crore. Its equity is very tiny at Rs.3 crore. Promoter stake is at 53.30% of which 40% is held by th Japanese company, Yuken Kogyo.