Bharat Wire climbs back into green

Bharat Wire Ropes had breached the lower circuit yesterday at Rs.73.50 and today there is a complete turnaround in the story, with the stock price soaring over 5.5% to Rs.91.95.

The company, probably perturbed by the fall yesterday, worked on improving the moods. It issued a two-liner Press Release stating , “ the company has booked approximately Rs.37 crore exports and domestic orders to be executed mainly from new facility set up at Chalisgaon, Maharashtra." No details of the order or anything more was furnished.

This was good reason enough and traders turned buyers.

This small cap company is engaged in making wire ropes and slings for use in a varied list of application/industries. The company had ended Q4FY17 with a 62% (YoY) rise in net sales at Rs.20 crore and net profit at Rs.55 lakh, up 14.5%. Promoters at end of FY17 held 61.15% stake. Market cap stands at Rs.411 crore.