EconomyCompanies
Prism Johnson jumps 5% on Q2 profit as Ratnamani and Precision Wires slide
Friday afternoon's September-quarter results split the market: Prism Johnson rose on a sharp jump in profit, while Ratnamani Metals fell 7% on thinner margins and Precision Wires dropped 8% despite higher earnings.
Key points
- Prism Johnson shares rose 5.43% to ₹108.42 after net profit rose to ₹45 crore from ₹3.4 crore.
- Ratnamani Metals & Tubes fell 7.09% to ₹2,280 as its operating margin narrowed to 14%.
- Precision Wires India slid 8.3% to ₹387.25 even though profit rose 21.82%.
Results filed for the September quarter moved three mid-sized manufacturers sharply on Friday afternoon, in opposite directions, while the wider market rallied.
Prism Johnson, the cement and tiles maker, rose 5.43% to ₹108.42 on the NSE around 1:30 pm. Its net profit for July to September climbed to ₹45 crore from ₹3.4 crore a year earlier. The jump came with a catch: profit was down 52% from ₹94 crore in the April to June quarter, so the year-on-year gain hides a weaker quarter than the one before.
Ratnamani Metals & Tubes, which makes steel pipes for oil, gas and power projects, went the other way. Its shares fell 7.09% to ₹2,280 by 1:50 pm after the company’s operating margin narrowed to 14% in the quarter, from 16.7% in the April to June period. For a pipe maker, a slimmer margin means rising costs are eating into what it earns on each order.
The sharpest fall came at Precision Wires India, which slid 8.3% to a day’s low of ₹387.25 at about 1:11 pm. The copper winding-wire maker had reported a 21.82% rise in net profit to ₹43.38 crore, from ₹35.61 crore a year ago, but investors sold the shares regardless.
The moves stood out on a day when the Sensex was up more than 1,000 points by 2 pm, led by banks.