Sintex Industries surges on back of strong results

Sintex Industries rose 15 per cent in the early trade after posting strong Q4 results for the year ending March 31, 2018. The company's board recommended 10 per cent dividend.

The company posted nearly 16 per cent growth in its net profit at Rs. 57.42 crore as against Rs. 49.54 crore for the fourth quarter of the fiscal year 2018, on a year-on-year basis.

However, the revenue of the company went down by 6 per cent to Rs. 617.27 crore as against Rs. 661.40 crore for the Q4FY18, on a year on year basis.

The Board of Directors has recommended a dividend of 10 per cent i.e. Rs. 0.10 per equity share of Re. 1 each of the company for the year ending March 31st, 2018 during the company's AGM.

On Wednesday, the stock hit an intraday high of Rs. 19.45 per share and an intraday low of Rs. 17.85 per share on BSE. At 11:46 hours, the shares of Sintex Industries Limited were quoting at Rs. 18.50 per share, up by Rs. 1.60 or 9.47 per cent against its previous close of Rs. 16.90. Meanwhile, S&P BSE was trading at 34,258.87 up by 42.55 points or 0.12 per cent.