Shares of this bead-wire company have hit 10% upper circuit today!

The company’s shares have been surging on the bourses since the Q3FY23 results were announced last week.

Shares of National Standard India Ltd are buzzing on the bourses today. The company’s shares witnessed a spurt in trading volume by more than 1.48 times. In the pre-opening session today, the stock climbed 10% to trade at Rs 7537.95 apiece. With this, the company hit its upper circuit and the trading activity came to a halt.

Owing to this rally in share price, National Standard India Ltd is one of the top gainers on BSE from Group A. The shares have been put under Stage 1 of Additional Surveillance Measure for the short term.

Meanwhile, as of 11.50 am, the frontline index S&P BSE Sensex is up by 0.63%.

The company’s shares have been surging on the bourses since the Q3FY23 results were announced last week. As per the exchange filing, the company’s top line grew by approximately 100% YoY to Rs 8.55 crore. The Profit before Tax grew by 28% YoY to Rs 4.79 crore. Further, the Profit After Tax (PAT) increased by 13% YoY to Rs 3.23 crore.

National Standard (India) Ltd operates as a subsidiary of Anantnath Constructions and Farms Private Limited. The company is engaged in the manufacture of bead-wire for tyres and other types of specialised wires. The company is a major exporter of tyre bead-wire and tyre moulds. They have specially developed hi-tensile tyre bead-wire with high tin content in the bronze plate, for overseas markets. The company has also diversified into the development and construction of residential real estate projects in Mumbai, India.

The company is a constituent of Group A stocks and commands a market capitalisation of Rs 15,075.90 crore. Today, the scrip of National Standard India Ltd opened at Rs 7537.95, which is also the day’s high. Further, the scrip touched an intra-day low of Rs 7100. The stock has a 52-week high and low of Rs 11,759.35 and Rs 3,711.05, respectively.