LEEL Electricals surges over 7% after Porinju’s firm hikes stake

Shares of LEEL Electricals surged over 7 per cent in Friday’s trade after investor Porinju Veliyath-led portfolio management company Equity Intelligence increased stake in the company to 5.36 per cent.

Equity Intelligence on September 28 purchased additional 1,61,950 shares, or 0.40 per cent stake in LEEL Electricals.

The scrip was trading 6.31 per cent up at Rs 289.60 around 1 pm (IST). Shares of the company opened at Rs 285 and touched a high and low of Rs 292.55 and Rs 283, respectively, in trade so far. Benchmark BSE Sensex was up 184 points, or 0.59 per cent, at 31,466 at around the same time.

For the quarter ended June 30, 2017, the company reported a net sale of Rs 922.88 crore, up 3.27 per cent, against Rs 893.63 crore in the corresponding quarter last year. Net profit of the company slipped 23.74 per cent year-on-year to Rs 33.48 crore during the quarter under review.

Leel Electricals was earlier known as Lloyd Electric & Engineering Limited. It manufactures evaporators and condenser coils for air conditioners, and heat exchangers/radiators.