Shares of Surya Roshni surged 14 per cent to Rs 433.35 on the BSE on Friday
Shares of Surya Roshni rolled 14 per cent to Rs 433.35 on the BSE in Friday’s intra-day trade on the back of heavy volumes. The buying at the counter is alloted to the healthy business outlook for pipes and home appliances segment.
At 09:54 am, the stock traded 12 per cent best at Rs 426.35, as differentiate to 0.77 per cent rise in the S&P BSE Sensex. The average trading volumes on the counter more-than-doubled with a merged around 810,000 equity shares changing hands on the NSE and BSE.
Although, in the past one year, Surya Roshni has liquidate the market, by falling 15 per cent, due to discouraging operational performance on account of rising input cost. In comparison, the benchmark Sensex was rise 6 per cent. The stock had hit a record up of Rs 868 on October 4, 2021 and it touched a 52-week down of Rs 336 on 16 August, 2022.
With strong emphasis of Government on 'Aatma Nirbhar Bharat Abhiyaan' & 'Vocal for Local' & PLI Scheme for LED lighting products / components, higher demand from agriculture, manufacturing, exports & from rural India is expected in future.
As company’s major sale comes from rural, semi urban & exports & therefore, ongoing, both the segments of the company shall be executing well. With both short term & long term strategies in place, the Company lined up its resources to the needs of the industry and customers to achieve its future goals, Surya Roshni added in the FY22 annual report.
During this year, the Company shall enhance larger and stronger with its continuous cost reduction, overhead rationalization, value added products and generating demand for different applications of its products, it said.
Surya Roshni have seen appreciative demand outlook for PVC due to the Government initiatives such as Housing for All, ‘Nal se Jal’, Project AMRUT & Swachh Bharat Mission. The demand outlook for non-agricultural pipes appears to be good, as the major urban real estate markets show signs of a carry out recovery. The sector is look forward to see an average annual growth of 10 per cent, the company said.
The business is looking forward to maintain a positive momentum in exports of its value-added products like API Pipes, across geographies like Middle East, Europe & Australia which are rarely unfazed by major geo-political challenges.