Alok Industries, a textile company, experienced a rise in its shares on Wednesday following the release of its second-quarter results.
The shares climbed by 1.47 per cent or Rs 0.26 to reach Rs 17.99 on the Bombay Stock Exchange (BSE). This upward movement provided some relief to the stock, which had been on a decline in the past five trading sessions and over the last month.
During this period, it had dropped by 8.07 per cent and 3.07 per cent, respectively. However, despite this recovery, Alok Industries shares have been underperforming in comparison to the benchmark Nifty 50 index. The Nifty 50 index has shown a decline of 2.47 per cent in the past five trading sessions and 1.89 per cent over the last month.
On Wednesday, the trading session for Alok Industries began with shares priced at Rs 17.70 each, slightly lower than its closing price of Rs 17.73 on Monday. Throughout the day, the stock reached a high of Rs 18.29 and a low of Rs 17.68.
Regarding the company’s second-quarter results, Alok Industries reported positive operational performance. Its earnings before EBIDTA showed a profit of Rs 36 crore, a significant improvement compared to the previous quarter’s losses of Rs 11 crore.
Additionally, the company’s consolidated losses in the reviewed quarter reduced from Rs 192 crore in the same period last year to Rs 175 crore.
However, the company’s consolidated revenue from operations decreased by 20 per cent to Rs 1,369.26 crore in the September quarter compared to Rs 1,729.05 crore in the corresponding period last year.
