KEI Inds hits new high

KEI Industries is reckoned as one of the leading players in wires and cables industry. The stock price hit a new 52-week high today at Rs.262.50; it had closed yesterday at Rs.245.50.

The company posted exuberant numbers for Q1FY18 and Dalal Street is celebrating this performance.

Thanks to the 32% (YoY) drop in excise duty and 38% increase in revenue at Rs.823 crore, the company ended Q1FY18 with a 150% jump in net profit at Rs.27.5 crore.

Operating profit was also very good at Rs.76.59 crore, up 42%.