India's Somany Ceramics surges on Q4 profit rise

Somany Ceramics

16/05/2024 05:04

** Shares of Somany Ceramics  SOCE.NS  up as much as 17.4%
at 729 rupees, their biggest intraday pct gain since June 2020
    ** SOCE last up 14.4% 
    ** Tiles and sanitaryware manufacturer reports a 26.7% Y/Y
jump in its March-qtr consolidated net profit to 308.1 mln
rupees ($3.7 mln)
    ** Gross sales up 8.3% Y/Y at 7.32 bln rupees
    ** EBITDA margin expands to 10.9% from 9% a year earlier
    ** More than 273,000 shares traded by 09:32 a.m. IST, 10.9x
its 30-day avg; busiest day yet since Aug. 2023
    ** SOCE on track for a second straight session of gains, if
trends hold 
    ** Average rating of 15 analysts covering the stock is
"strong buy"; median PT is 885 rupees - LSEG data
    ** Including session's gain, stock is up 0.7% YTD 




($1 = 83.4470 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))