​Shares of SML Isuzu soared to near record highs. Know why

Shares of SML Isuzu Ltd., a maker of light trucks, traded near record highs after the company's revenue and profit rose due to higher unit sales.

SML Isuzu said its first quarter net profit gained 24 percent to 29.1 crore rupees from 23.4 crore rupees in the same period a year ago. SML Isuzu's sales during April-June rose 13 percent to 383.2 crores versus 338.6 crores, the company said.

SML Isuzu rose 68 rupees, or 4.8 percent, to 1,491 rupees on the National Stock Exchange, where 3.06 lakh shares were traded versus the 5-day average of 4.34 lakh shares.

SML Isuzu's market capitalisation has surged 139 percent to 2,079 crore rupees as investors bought heavily into auto companies with low floating stock.

Image credit: Indiatimes
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