Currently, SKF India is the second top loser on the BSE, going down 3.5% to an intraday low at Rs.2184. The stock has fallen after four days of continuous rise. Its 52-week high is at Rs.2290.40 and low at Rs.1742.80.
Apart from profit booking, the market is disappointed with the company’s performance for Q2FY20. Net profit came in flat at Rs.85 crore on a 2.5% (YoY) drop in total revenue at Rs.747 crore.
Operating profit was down 23% at Rs.95 crore while margins dropped from 16% to 12.7%.
The Sweden headquartered company is leading supplier of products, solutions and services within rolling bearing, seals, mechatronics, and lubrication system.