Shares of Sadbhav Engineering rose to fresh 3-month highs

Shares of Sadbhav Engineering, a mid sized construction giant, rose to fresh 3-month highs after the company reported a strong growth in quarterly earnings thanks to rising demand for its services.

Sadbhav Engineering said its first quarter profit jumped 46 percent to 39.5 crore rupees compared with 27 crore rupees in the same quarter a year ago. Sales rose 21 percent to 829.3 crore rupees during April-June compared with 685.5 crore rupees in the year ago period.

Sadbhav Engineering rose 9.70 rupees, or 2.9 percent, to 344.45 rupees, its highest since April 23, on the National Stock Exchange, where 5.4 lakh shares were traded by 1:00 pm compared with a 5-day average of 1.23 lakh shares.

Sadbhav Engineering's market capitalisation has risen 66 percent to 5,870 crore rupees over one year on expectations of a rise in construction orders.

Image credit: Indiatimes