LMW on a new high

Lakshmi Machine Works has hit a 52-week high at Rs.2411, with an almost 4 times surge in volumes. The stock remains up in the green at Rs.2350 levels.

The stock has hit a high after it posted a set of robust numbers for Q2FY14. On a 9% rise in total income at Rs.561 crore, the company posted a 45% jump in net profit at Rs.52 crore. This time around it is the textile machinery segment which helped the company post these very good numbers though its Advanced Technology Center continues to post losses. The only silver lining is that in Q2 this loss has come down to Rs.2 crore from Rs.4 crore in Q1 and Rs.6 crore in Q2FY13. Its machine tool and foundry division also did well, showing an over 2 times rise in EBIT.