Skipper locked at 20% upper limit on heavy volumes; zooms 53% in two weeks
Shares of Skipper were locked in the 20 per cent upper circuit at Rs 108.75 on the BSE as of 10:23 AM on Friday amid heavy volumes in an otherwise weak market. The stock now quoted at its highest level since September 2018. In comparison, the S&P BSE Sensex was down 0.65 per cent at 62,870.
A combined 2.06 million shares representing 2 per cent of total equity of the company changed hands on the NSE and BSE. There were pending buy orders for a combined 672,845 shares or 0.66 per cent equity stake on both the exchanges, the data shows.
In the past two weeks, the stock price of Skipper has appreciated by 53 per cent, as compared to a 2 per cent rise in the S&P BSE Sensex.
With respect to the current movement in the volume/ price of the scrip, the company on November 25 informed the stock exchanges that presently there is no further information/ announcement pending to be intimated which in our opinion may have a bearing on the price/ volume behavior of the scrip.
“The company has made all the required disclosures from time to time and has not with held any material information/event/ announcement which would have any bearing on volume or price movement of our scrip,” Skipper said in a release.
Skipper is one of the world’s leading manufacturers for power transmission & distribution structures and a prominent manufacturer of telecom and railway structures. Skipper is also a significant player in polymer pipes & fittings industry.
The company has a strong bidding pipeline of 54,000 million international & 51,000 million domestic and expects a substantial rise in the volume of international orders in the current fiscal. Management expects the International business to grow exports to 50 per cent of engineering revenue in current year (FY’23) and to 75 per cent in next 2 years.
For Q3FY22 order inflow stood at Rs 461 crore for engineering products supplies from several SEB’s and for various export supplies. The closing order book as on June 30, 2022 was valued at Rs 2,163 crore, which constitutes of 45 per cent exports and 55 per cent domestics orders, the company said.
While, announcing September quarter results on November 12, the management had said the company started taking up new projects which are secured based on current commodity prices and logistics costs. “This promises a better business landscape for us and gives us confidence of improvement in the margins in near future. With India’s power demand increasing by 5.9 per cent YOY in Q2FY23, we see a strong rebound in the T&D domestic ordering,” the management said.