Elgi Equipments’ share price surged up over 17% on Monday to hit an intraday high of ₹555. As per the latest shareholding data, ace investor Nemish Shah holds a 1.69% stake in the company.
What Happened: The surge today comes after the company posted its earnings for the March quarter last week (May 19). The company’s consolidated revenue from operations went up close to 15% year-over-year to ₹835.74 crore. Net profits for the quarter surged over 130% year-over-year to ₹170.1 crore.
The huge bump in the net profits was because of an exceptional gain of ₹105.38 crore. Patton's Inc, USA, a subsidiary of Elgi Compressors USA Inc., has recognised a net gain of ₹105.38 crore upon completion of a sale of land and building held in Charlotte, North Carolina, USA, the company said in a regulatory filing.
The company also announced a ₹2/share dividend for the year ended March 2023. With the surge today, the value of Shah’s holding has gone up from ₹252.99 crore on Friday to ₹297.48 crore today. The dividend payment would see Shah getting around ₹1.07 crore for his 53.6 lakh shares.
Price Action: Elgi Equipments’ share price was up 16.43% to trade at ₹549.80 in the late hours of trading on Monday.
Get all the latest Share Market trends and news to set you up for the week ahead.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.