Shakti Pumps share price hits new 52-week high after Q4 profit jumps to Rs 23 crore

Stocks

The company reported quarterly net profit at Rs. 23.25 crore in March 2021 up 462.91 percent from Rs. 6.41 crore in March 2020. Its net sales came in at Rs 308.24 crore in March 2021 up 280.19 percent from Rs. 81.08 crore in March 2020.

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Shakti Pumps share price surged over 15 percent intraday on May 20, a day after the company declared its Q4 results.

The company reported quarterly net profit at Rs. 23.25 crore in March 2021 up 462.91 percent from Rs. 6.41 crore in March 2020. Its net sales came in at Rs 308.24 crore in March 2021 up 280.19 percent from Rs. 81.08 crore in March 2020.

The company’s EBITDA stands at Rs. 41.91 crore in March 2021 up 1596.79 percent from Rs. 2.80 crore in March 2020.

The stock was trading at Rs 714.20, up Rs 95.30, or 15.40 percent. It has touched an intraday high of Rs 742.65 and an intraday low of Rs 666.65.

The stock has touched a 52-week high of Rs 742.65.

The Board of directors of Shakti Pumps India recommended dividend of Rs 8 per equity shares of face value of Rs 10 (i.e. 80 percent) for the year ended March 31, 2021, subject to approval of shareholders in the ensuing Annual General Meeting [AGM) of the company, it said in an exchange filing.

Karan Pai, Technical Analyst at GEPL Capital suggests buying the stock..

“Going ahead the Rs 694 (61.8 percent extension level of the rise from Rs 210-593 projected from Rs 457.50) will act as a make-or-break level. If the prices sustain above this level, we can see them move higher and test the Rs 758 (78.6 percent extension level of the rise from Rs 210-593 projected from Rs 457.50) and eventually towards the Rs 841 (100 percent extension level of the rise from Rs 210-593 projected from Rs 457.50),” he said.

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