Talbros Engineering shares rise 7% in volatile market, here's why

Shares of Talbros Engineering gained 7 per cent amid a volatile market today after the company said it has started construction on land acquired for setting up of new production unit in Faridabad.  Talbros Engineering stock touched an intraday high of Rs 609.95, rising 7.07 per cent on BSE.  

Earlier, the stock opened higher at Rs 570.65 today against the previous close of Rs 569.65. The share has gained 146.83 per cent in one year and risen 104. 08 per cent since the beginning of this year. In a month, the share has climbed 57.85 per cent.

Total 8,290 shares of the bank changed hands amounting to a turnover of Rs 49.24 lakh on BSE. Market cap of the firm rose to Rs 304.08 crore.

Talbros Engineering shares hit a 52-week high of Rs 624 on August 18,2022 and a 52-week low of Rs 202.30 on October 29, 2021.

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"Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that Company has commenced construction on land acquired admeasuring 2.2 Acre bearing Plot No. 80, Sector 68, HSIIDC, Faridabad for setting up of new production unit," the firm said in communication to the bourses.

The firm reported a 155 per cent year-on-year (YoY) rise in profit after tax (PAT) at Rs 8.29 crore against Rs 3.25 crore in the corresponding quarter last year. Net sales rose to Rs 112.27 crore in Q1 against Rs 67.38 crore in Q1 FY22.

Profit climbed 29.33 per cent from Rs 6.41 crore in the March quarter of previous fiscal. Sales grew 3.76 per cent from Rs 108.20 crore in the March 2022 quarter.

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Talbros Engineering is engaged in the manufacturing of rear axle shafts for the automobile companies. The company specialises in manufacturing semi-float and full float axle shafts for passenger vehicle, commercial vehicle, off-road and tractor segments. The company caters to both international and domestic market. The company's manufacturing facilities are located at Faridabad and Hathin in Haryana.