Salasar Techno Engineering jumps 4% on commissioning new zinc plant

Shares of Salasar Techno Engineering jumped more than 4 percent in trade on September 26 post the commissioning of a Zinc Galvanization plant. At 11:11 am, the Salasar Techno Engineering stock was trading 4.01 percent higher at Rs 53.20 on NSE. According to a filing with BSE on September 25, the company informed exchanges that it has successfully completed commissioning of the new plant, which has an annual capacity of 96,000 metric tonnes.

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Recent developments

The company also announced, in a separate exchange filing dated September 25, that Jitendra Kumar Sharma has tendered his resignation from the post of company secretary & compliance officer of the company, effective September 24, 2023, due to some personal reasons. The resignation has been accepted. His successor shall be appointed shortly.

Salasar Techno reported robust Q1 results with net sales at Rs 261.86 crore in June 2023, up 24.3 percent from Rs. 210.67 crore in June 2022. The quarterly net profit was reported at Rs. 10.14 crore in June 2023 up 38.28 percent from Rs. 7.33 crore in June 2022.

EBITDA stands at Rs. 24.08 crore in June 2023 up 37.76 percent from Rs. 17.48 crore in June 2022. Salasar Techno earnings per share (EPS) has increased to Rs. 0.32 in June 2023 from Rs. 0.26 in June 2022.

Stock Performance

Salasar Techno Engineering’s stock has given a return of 45.83 percent over the last six months. The benchmark Nifty50 index has given a return of 15.96 percent over the same duration.

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