Responsive Industries shares jump 7% to hit new 52-week high

Shares of Responsive Industries surged rose sharply during Friday's trading session to hit their new 52-week high. The stock has delivered multibagger returns to the investors in the ongoing calendar year so far.

Shares of Responsive Industries rose 7 per cent to Rs 249 on Friday, before giving up its gains partially, commanding a total market capitalization more than Rs 6,400 crore. The stock had settled at Rs 232.85 in the previous trading session on Thursday.

Shares of Responsive Industries have surged more than 145 per cent from its 52-week low at Rs 101, hit in December 2023. The stock has more than doubled in the current year 2023, while it is up more than 20 per cent in the current month so far.

The company recently announced its entry into waterproofing membrane division with the acquisition of the Vaitarna Tunnel project contract under the Mumbai-Delhi freight corridor initiative of Indian railways. The company, adding another division to its diversification, will supply and install waterproofing membranes to safeguard the tunnel's infrastructure.

The Mumbai-Delhi freight corridor project is a major undertaking by the Indian railways aimed at improving the freight transport network across the nation.
Responsive Industries had reported a 230 per cent rise in net profit on year-on-year (YoY) basis at Rs 5.92 crore in the June 2023 quarter, compared to a net profit of Rs 1.79 crore in the year ago period. The revenue improved slightly to Rs 166.78 crore, while EBIDTDA came in at Rs 22.56 crore.

Responsive Industries is a homegrown manufacturer of resilient vinyl flooring, SPC, LVT, and synthetic leather and has presence into waterproofing membranes. The company is scheduled to host its annual general meeting on September 15, Saturday, the company said in an exchange filing.

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