Q4FY17 results: IG Petrochemicals hits 52-week high on strong numbers

IG petrochemicals touched its fresh 52-week high on Thursday taking cues from its strong Q4FY17 number.

May 04, 2017 12:05 IST India Infoline News Service

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IG petrochemicals touched its fresh 52-week high on Thursday taking cues from its strong Q4FY17 number.
 
The stock touched Rs 441.90 per share on NSE, also making its new 52 weeks high on Thursday. 
 
IG Petrochemicals has declared its Q4FY17 results on Wednesday after market hours.
The company’s revenue increased 35% to Rs 289 crore in Q4FY17 on YoY basis.
 
Its EBITDA rose 96% YoY to Rs 45.6 crore in Q4FY17.
Its PAT also soared 134 per cent to Rs 28.1 crore in Q4FY17 on YoY basis.
 
 
The company's two-pronged approach of rapidly scaling-up of the manufacturing capacities and optimising cost efficiencies is believed to be the reason behind such superlative performance according to the company management.
 
Stock view
 
I G Petrochemicals Ltd is currently trading at Rs 419, up by Rs 14.75 or 3.65% from its previous closing of Rs 404.25 on the BSE.
 
The scrip opened at Rs 438 and has touched a high and low of Rs 440 and Rs 412.1 respectively. So far 555923(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1244.88 crore.
 
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 414.5 on 28-Apr-2017 and a 52 week low of Rs 124.1 on 26-May-2016. Last one week high and low of the scrip stood at Rs 414.5 and Rs 383.6 respectively.
 
The promoters holding in the company stood at 72.22 % while Institutions and Non-Institutions held 0.2 % and 27.59 % respectively.
 
The stock is currently trading above its 50 DMA.

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