Shanthi Gears drops on earnings
By
Research Desk
about 9 years ago
Shanthi Gears is not doing too well at the moment, down almost 3% at Rs.138.50, closer to its intra day low of Rs.137.25.
The stock is down, disappointed with its Q3FY15 performance wherein the company posted a 19% (YoY) drop in its net profit at Rs.4 crore on a mere 3% rise in total income at Rs.43 crore.
This auto gear maker stated that the Tamil Nadu Generation and Distribution Corporation through its Executive Engineer disconnected the supply power to the Foundry unit of the company on 31 January 2015 based on a direction from the Tamil Nadu Pollution Control Board. The company is seeking legal remedy to restore the power supply since the company is in compliance with all relevant pollution control laws and regulations.