Balkrishna Industries share price were locked in 5% upper circuit and touched 52-week high following strong Q4 results. The company’s profit after tax (PAT) for the quarter ended March (Q4FY24), jumped 88% year-on-year to ₹481 crore from ₹256 crore. Sequentially, the PAT grew 56%, as per the exchange filing.
The Balkrishna Industries’s sales for Q4FY24 rose 13% on year to 82,085 crore from ₹72,676 in Q4FY23. At the operating level, earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at ₹699 crore in the fourth quarter of FY24 over ₹494 crore in the corresponding period in the previous fiscal. EBITDA margin stood at 25.9% in the reporting quarter as compared to 21.3% in the corresponding period in the previous fiscal.
Balkrishna Industries stock price opened at an intraday high of ₹2,798.95 apiece on BSE, the stock touched an intraday low of ₹2,748.90.
The company in an exchange filing said that the board recommended payment of Final Dividend of ₹4 per equity share (200%) on the equity shares of ₹2 each for the year ended 31st March, 2024.
As per equitypandit news report, technically, Balkrishna Industries share price will immediately find support around 2,503.03 and resistance at 2,750.03.
A significant breach may be seen if the price of Balkrishna Industries shares closes below the 2,503.03 immediate support level. Major support for the price of Balkrishna Ind shares will be found at 2,341.52 this week.
“On the positive side, immediate resistance will be seen at 2,750.03. Closing above 2,750.03, Balkrishna Ind share price will see a sharp breakout. Major resistance for Balkrishna Ind share price will be seen at 2,835.52 for the week.
Also Read: Zee share price jumps over 4% after posting Q4 profit; Should you buy the stock?
Trading range for Balkrishna Ind share price for this week should be between 2,256.03 on down side and 2,997.03 on up side,” said equitypandit news report.
The Balkrishna Industries manufactures and markets “Off-Highway Tyres” (OHT) to specialised markets, including mining, forestry, lawn and garden, industrial and construction, agriculture, and all-terrain vehicles (ATVs).
Also Read: Hindustan Unilever, Dabur, Hero MotoCorp among stocks to benefit from heavy monsoon: Report
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 18 May 2024, 09:37 AM IST
