India's Sharda Motor Industries hits record high on quarterly profit jump

Sharda Motor Industries

24/05/2024 06:17

** Shares of Sharda Motor Industries  SHAD.NS  rise as much
as 4.5% to 1,645.50 rupees, hitting a record high; last up 3.2%
    ** Auto parts maker reports a 42% jump in March-quarter
consol profit at 883 million rupees ($10.61 million)
    ** Approves setting up of new manufacturing plant for
vehicle sets with an estimated investment at 500 million rupees
    ** SHAD on track for fifth straight session of gains; had
gained about 5% in March-quarter for fourth consecutive quarter
of gains
    ** Busiest session since late April; more than 137,000
shares change hands 
    ** Stock up ~24% YTD, had gained 77% in 2023 for best year
since 2021



($1 = 83.2030 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))