AGC Networks hits 52-week high, zooms 80% in three days post Q1 results

Shares of AGC Networks extended their rally on Tuesday and were locked in the upper circuit band of 20 per cent for the third consecutive day at Rs 130, on the National Stock Exchange (NSE) after the company reported more than double consolidated net profit of Rs 13.6 crore in April-June quarter (Q1FY20). It had posted a profit of Rs 5.78 crore in the year-ago quarter and a net loss of Rs 98 crore in March 2019 quarter.

The stock of the IT consulting and software company has risen 80 per cent from a level of Rs 72 apiece since August 14, and was trading at its 52-week high. In comparison, the Nifty50 has fallen one per cent during the same period. Around 178,631 equity shares have changed hands and there were pending buy orders for 46,367 shares on the NSE.