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Honeywell Automation share price rises 15% intra days post Q1 earnings

Share price of Honeywell Automation gained 15.07% intra day to Rs 31,500 against previous close of Rs 27,374 on BSE

twitter-logoBusinessToday.In | August 7, 2020 | Updated 16:53 IST
Honeywell Automation share price rises 15% intra days post Q1 earnings
Honeywell Automation share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Honeywell Automation share price closed higher in trade today after the firm reported its earnings for quarter ended  June 2020. Share price of Honeywell Automation gained 15.07% intra day to Rs 31,500 against previous close of Rs 27,374 on BSE. Later, the  stock ended 13.27% or Rs 3,633 higher at Rs 31,007. The large cap stock has gained after two days of fall. Honeywell Automation share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has risen 35.27% in one year and gained 12.76% since the beginning of this year. Market cap of the firm rose to Rs 27,415 crore. Total 2149 shares changed hands amounting to turnover of Rs 6.48 crore. In June quarter, the California-based firm reported a 14.4 per cent decline in sales to Rs 736.23 crore against sales of Rs 857 crore on an year on basis. Net profit fell 14% to Rs 98.08 crore in Q1 against Rs 114 crore profit in the corresponding quarter of previous fiscal. Earnings per share declined to Rs 110.93 in Q1 against Rs 125.70 in same period of previous fiscal.

The firm in its earnings release said,"The duration and severity of the ongoing COVID-19 pandemic and the disruption caused to global economic and business environment continues to remain uncertain. The Company's operations and financial results for the quarter have been impacted by the lockdown. The operations are gradually resuming to normal with requisite precautions during the quarter. The Company continues to monitor the economic effects of the pandemic while taking steps to improve its execution efficiencies andthe financial outcome."

Honeywell Automation India is engaged in the manufacture of electronic systems and components; repair and maintenance, and trading of machinery, equipments and supplies.

The  company operates through the automation & control systems segment. It operates through two geographical segments: domestic and exports. A Fortune India 500 company, Honeywell Automation India Limited (HAIL) has more than 3,000 employees based in nine offices across India - Pune, Baroda, Bangalore, Hyderabad, Mumbai, Chennai, Gurgaon, Kolkata, and Jamshedpur.

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