Surya Roshni lights up
Surya Roshni is currently the top gainer on the BSE. Though the stock opened over 1.5% higher at Rs.436 but from there it rose and went up to Rs.504.85, up 14%. Volumes are up over 1.5 times.
The stock is up after the company reported a 29% (YoY) jump in consolidated revenue at Rs.2030 crore but net profit fell 27% at Rs.40 crore. The high raw material and other input costs impacted the bottomline but it was mitigated to some extent after it undertook some price increases.
It also hopes that the recent expected uptrend in steel prices from February’22 will bring in re-stocking at dealer level resulting in an increase in demand. This will be further supported by the commissioning of a Large-dia section pipe facility with Direct Forming Technology (DFT) at Gwalior.
The company’s order book is strong with exports at 32,000 MT and API coated pipes orderbook as at 50,000 MT as at 31st Dec’21.