Balkrishna Ind Gains, Plans for Carbon Black Project

Balkrishna Industries board on Saturday has given their nod for setting up of a Carbon Black project at its Bhuj plant with an initial annual capacity of 60,000 MT’s at an estimated capital outlay of Rs 150 crore.

The company’s board also has declared an interim dividend of Rs 2.50 per equity share on face value of Rs 2 per share for FY 2017-18.

Meanwhile, the stock gained 1.20% at Rs 1,631.00 per share on BSE. The stock on NSE attracted a traded volume of 47,283 shares and a traded value of Rs 768.76 lakh.

The company has a return on equity of 24.21% for 3 years. The stock has given 123% returns on yearly basis.

Balkrishna Industries is engaged in offering pneumatic tires. The company offers tires, tubes and tire flaps. It focuses on the manufacture of a range of off-highway tires (OHT). These tires are mainly meant for agricultural, industrial and construction, earthmover and port, mining, forestry, lawn and garden etc.

Stock view:

Balkrishna Industries Ltd is currently trading at Rs 1619.05, up by Rs 7.4 or 0.46% from its previous closing of Rs 1611.65 on the BSE.

The scrip opened at Rs 1601.5 and has touched a high and low of Rs 1638.6 and Rs 1601.5 respectively. So far 59753(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 15577.98 crore.

The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 1750 on 06-Jul-2017 and a 52 week low of Rs 705 on 03-Aug-2016. Last one week high and low of the scrip stood at Rs 1676 and Rs 1587.2 respectively.

The promoters holding in the company stood at 54.37 % while Institutions and Non-Institutions held 31.86 % and 13.77 % respectively.

The stock is currently trading above its 50 DMA.