BPL zooms over 80% in two-weeks on heavy volumes

Shares of BPL, consumer durables company, has continue at it upward march, up 20% at Rs 91.30 on the BSE on back of heavy volumes.

The stock trading at its fresh 52-week high, zoomed 81% in past two-weeks from Rs 50.35 on September 12, as compared to 0.02% decline in the S&P BSE Sensex.

Till 02:56 pm, a combined 10.69 million shares representing 21.86% of total equity of BPL changed hands on the BSE and NSE. There were pending buy orders for 283,250 shares on both the exchanges.

According to Business Standard reports, the electronic brand BPL is helping e-commerce giant Flipkart to re enter Kerala, a market that most e-commerce sites had stopped delivery due to lack of clarity in taxes in the southern state.

BPL, once India's largest consumer durable company, lost its sheen after the country opened up its market for foreign companies and lost out to the aggressive Korean conglomerates LG and Samsung. Last year, Flipkart revived the brand; helped the company to make televisions and began selling them on its e-commerce platform. Since then, BPL had sales of over Rs 100 crore and hope to look at sales of Rs 800 crore by next year by launching newer television sets, washing machines and other products, added report. LINK

Meanwhile, BPL had reported a standalone net profit of Rs 54.17 crore for Q1F17 on back of higher other income of Rs 55 crore. It posted profit of Rs 13.46 crore in Q1FY16.

 


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel