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Swelect Energy Systems’ good results sends stock soaring 20%, gets locked in upper circuit

The heavy electrical equipment maker’s net profit for the March quarter came in at Rs 13.1 crore against a loss of Rs 1.05 crore a year ago.

Swelect Energy Systems was locked in upper circuit for brief period on Friday morning, following good results for the March quarter. The stock soared 20 percent intraday. It resumed trading after a few minutes, only to be locked in the upper circuit again at 9:50 am.

The heavy electrical equipment maker’s net profit for the March quarter came in at Rs 13.1 crore against a loss of Rs 1.05 crore a year ago. For the quarter, the total income more than doubled to Rs 97.15 crore, against Rs 46.89 crore during the same period last year.

The company also recommended a dividend of Rs 4/share.

The stock soared 8 percent in the past one month, while its three-day movement was seen at 20 percent. At 09:49 hrs, Swelect Energy Systems was quoting at Rs 417.10, up Rs 65.95, or 18.78 percent. It touched an intraday high of Rs 421.35 and an intraday low of Rs 410.00.
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