Varroc Engineering share price rises after subsidiary starts operations in Morocco
The share price of Varroc Engineering opened on a positive note after the firm announced the commencement of operations of its subsidiary based in Morocco.
The share price on Bombay Stock Exchange, rose from the previous close of Rs 597.6 at 0.6 percent to open at Rs 601.2.
It rose 22 points to hit intra day high of Rs 620. The share's low price is the same as its opening price.
On National Stock Exchange, with 11,000 shares changing hands, the price rose 2.3 percent to open at Rs 614 from its yesterday's close of Rs 600 and touched intraday high of Rs 620, almost 3.3 percent or 20 points up.
Varroc Engineering said the Phase I of plant set-up by Varroc Lighting Systems S.A. Morocco (a wholly owned step down subsidiary Company of Varroc Engineering Limited) has commenced commercial operations from Feb 26. The company also highlighted the plant's aim to manufacture and supply automotive lighting parts.
The share is trading above its 5 day, 20 day Moving Average although below 50 day and 100 day Moving Averages on both exchanges.
As per the quarterly results, net sales have fallen 1.53 percent for the quarter ended December 18. However, YoY growth of net sales is up 16.32 percent. Consolidated net profit is on a positive trend in QoQ rising 1.1 percent for Dec 18 vs .54 percent Sep 18.
The company's weekly MACD reports a positive trend that was mildly bullish on Feb 18, with the MACD line bullishly moving above the Signal Line. On both the Exchanges, share price movement has fallen 40 percent over the year but increased almost 4 percent over the last week.
(Edited by Rupa Burman Roy)