Walmart's bulk order talk lifts Symphony stock

Shares of Symphony have gained substantially over the past one week amid buzz that the company was likely to get a large order from a leading global retailer.

From its week low, the stock has risen 20% to end at Rs 1,386 on BSE on Friday. The Gujarat-based air cooler and water heater maker is learnt to have received an order for air coolers from Walmart Retail.

The company officials confirmed the development but declined to divulge any further details on size of the order. The company posted a 42% decline in its earnings in the first quarter of FY12 on a YoY basis.

Analysts attributed the sharp decline in profitability to a slack demand for its products in the last summer. They feel Walmart’s order can help boost the company’s earnings in the coming quarters.