Bombay Dyeing shares rise 12% on strong Q4 earnings

Shares of Bombay Dyeing & Manufacturing rose 12 per cent in the early trading hours on Friday, after the company reported strong Q4 earnings.

On Thursday, the company reported a standalone net profit of Rs 1,253.33 cr in the Q4FY 2019 led by its real estate activities, against the loss of Rs 159.38 cr incurred in Q3FY19. The company had posted profit of Rs 10.95 cr in the corresponding quarter a year ago, Bombay Dyeing said in a BSE filing.

Bombay Dyeing's board has recommended a dividend of Rs 1.50 per equity share of Rs 2 each for the financial year ended March 31.

Reacting to the announcement, Bombay Dyeing shares opened with a gain of 11.57 per cent forming a gap-up chart pattern and touched an intraday high of Rs 134 apiece, up 14 points against the previous close of Rs 120.10 on BSE. The stock made a rise of 12.21 per cent to day's high of Rs 135 on NSE against Rs 120.30, its previous close.

The stock has gained 12.80 per cent in the last two days. The stock has been highly volatile with an intraday volatility of 5.42 per cent.

Bombay Dyeing shares has also moved above its 50 day and 150 day simple moving average of Rs 126 and Rs 120, today.

At 10:30 am, the stock was trading at Rs 128.40, up 6.73 per cent on NSE and up 6.49 per cent at Rs 127.90 on BSE. There has been a surge in volume trade with 4.29 lakh shares and 26.47 lakh shares changing hands on BSE and NSE, respectively.

Its total income during the period was Rs 2,791.08 crore against Rs 765.21 crore in the corresponding quarter a year ago.

Bombay Dyeing's total expenses stood at Rs 1,547.42 crore, compared with Rs 629.21 in the year-ago quarter.

During the quarter, Bombay Dyeing's revenue from the real estate segment was Rs 2,353.75 crore, while revenue earned from Polyester was Rs 367.30 crore and retail and textile was at Rs 65.31 crore.

For the entire financial year 2018-19, the firm's profit shot up to Rs 1,229.98 crore, compared with Rs 34.41 crore in 2017-18. Its total income in the previous fiscal stood at Rs 4,469.98 crore. It was Rs 2,744 crore in 2017-18.

Shares of Bombay Dyeing & Manufacturing settled on Thursday at Rs 120.10 and Rs 120.30, on the BSE and NSE, respectively.

(Edited with PTI inputs)

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