Blue Star Ltd, P I Industries Ltd, Somany Ceramics Ltd, Grindwell Norton Ltd are among the other stocks to see a surge in volumes on BSE today, 16 September 2020.

Schaeffler India Ltd clocked volume of 83604 shares by 10:53 IST on BSE, a 266.16 times surge over two-week average daily volume of 314 shares. The stock lost 2.50% to Rs.4,086.20. Volumes stood at 266 shares in the last session.

Blue Star Ltd saw volume of 4.38 lakh shares by 10:53 IST on BSE, a 47.98 fold spurt over two-week average daily volume of 9133 shares. The stock dropped 2.79% to Rs.680.10. Volumes stood at 21240 shares in the last session.

P I Industries Ltd witnessed volume of 3.4 lakh shares by 10:53 IST on BSE, a 41.53 times surge over two-week average daily volume of 8184 shares. The stock increased 0.79% to Rs.2,030.55. Volumes stood at 22212 shares in the last session.

Somany Ceramics Ltd clocked volume of 47933 shares by 10:53 IST on BSE, a 8.3 times surge over two-week average daily volume of 5778 shares. The stock gained 7.43% to Rs.182.15. Volumes stood at 15494 shares in the last session.

Grindwell Norton Ltd saw volume of 13021 shares by 10:53 IST on BSE, a 5.32 fold spurt over two-week average daily volume of 2447 shares. The stock increased 7.14% to Rs.591.40. Volumes stood at 2041 shares in the last session.

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Net sales declined 60.7% year-on-year (YoY) to Rs 438.88 crore during the quarter. Pre-tax loss in Q2 June 2020 stood at Rs 56.63 crore as compared to a pre-tax profit of Rs 132.55 crore in Q2 June 2019.

The company wrote back current taxes to the tune of Rs 8.95 crore in the second quarter. It had incurred current tax expenses of Rs 53.33 crore in the corresponding period last year.

Commenting on the results and financial performance of the company, Harsha Kadam, managing director, said, The economy and market has just survived a high magnitude pandemic effect. After a full month of lockdown in April, and a staggered resumption of operational activity in May and June, we could manage to curtail our effective production loss to 52 days during the quarter as against a prolonged nationwide lockdown . This impacted the operational performance significantly and thereby resulted into a loss situation during the quarter.

While it is not possible to predict normalization of market and economy, our efforts are aimed towards responding to crisis with agility and ensuring business continuity without losing sight of the future. We have managed to weather the storm and demonstrated that our fundanmentals are strong. While slow demand still continues, we are looking at a better H2 2020 against the challenges ahead.

Schaeffler India manufactures a vast range of ball bearings, engine and powertrain components and a wide range of clutches and hydraulic clutch release systems. The company has the largest after-market networks serving the industrial and automotive customers.

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Net loss of Schaeffler India reported to Rs 42.47 crore in the quarter ended June 2020 as against net profit of Rs 82.48 crore during the previous quarter ended June 2019. Sales declined 60.70% to Rs 438.88 crore in the quarter ended June 2020 as against Rs 1116.70 crore during the previous quarter ended June 2019.

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Schaeffler India will hold a meeting of the Board of Directors of the Company on 24 July 2020.

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