India's Swaraj Engines jumps over 7% on record qtrly profit

Swaraj Engines

22/04/2021 07:43

** Shares of engine and engine-component maker  SWAR.NS 
rise as much as 7.3% to 1,470 rupees, their highest since Dec.
10, 2020
    ** Co on Tuesday reported March-qtr profit and revenue that
nearly doubled on the back of strong demand for
tractors urn:newsml:reuters.com:*:nFWN2MD02C
    ** SWAR is predominantly involved in making diesel engines,
components for Swaraj division of Mahindra and Mahindra
 MAHM.NS 
    ** Co achieved its best ever Q4 engine sales of 33,831 units
and highest ever quarterly profit of 325.6 mln rupees ($4.34
million)
    ** SWAR recommended dividend of 50 rupees per share, special
dividend of 19 rupees per share
    ** A successful kharif harvest, signs of healthy rabi
cultivation and rising tractor financing bolster growth
prospects for SWAR, BOB Capital Markets said in a note
    ** About 82,500 shares change hands, 9x 30-day moving avg
    ** Stock up 0.5% so far this year after a 29% gain in 2020

($1 = 74.9790 Indian rupees)

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (Within U.S.
1-646-223-8780, Outside U.S. +91 8067496031); Reuters Messaging:
nallur.sethuraman.thomsonreuters.com@reuters.net))