Hathway Cables locked on 20% UC

Hathway Cables has been the top gainer on the BSE right since the opening bell. Within seconds of opening, the stock was locked at the 20% UC at Rs.38.25. Its 52-week high stands at Rs.49.45.

The stock price has jumped up on the back of its turnaround performance for Q2FY18. On a total revenue of Rs.131 crore, which was actually down 59% (YoY); yet it posted a net profit of Rs.14 crore v/s loss of Rs.40 crore (YoY).

Operating profit was down 1.5% at Rs.53 crore and margins rose by 2352 bps to 40.1%.

What really helped shore the net profit was the absence of pay channel costs during the quarter, which in previous Q2 was at a huge Rs.103 crore, pushing the company into the red.