Honda Siel Power surges over 7% as Kenneth Andrade checks in

Shares of Honda Siel Power Products advanced over 7 per cent on Wednesday after Old Bridge Capital Management bought 64,503 shares in the company at Rs 1,347.75 on Tuesday.

Old Bridge Capital Management, a portfolio management services firm was founded by Kenneth Andrade who is a private investor of considerable repute in markets.

The scrip was trading at 6.04 per cent up at Rs 1,442 around 10.30 am (IST). It eventually closed the day at Rs 1,465, up 7.73 per cent.
Shares of the company opened at Rs 1,389.90 and touched a high and low of Rs 1444.90 and Rs 1389.90, respectively.

On the BSE, 21,000 shares were traded in the counter so far, compared with average daily volumes of 14,000 shares in the past two weeks.

The scrip had hit a 52-week high of Rs 1750 on November 7, 2016 and 52-low of Rs 1185.30 on August 1, 2016.

For the quarter ended March 31, 2017, the company reported net profit of Rs 13.14 crore, down 14.45 per cent, against Rs 15.36 crore in the corresponding quarter last year. Gross sales of the company increased 2.29 per cent YoY to Rs 194.56 in Q4FY17 over Rs 190.20 in Q4FY16.