Why was SAZEW up 7.50% today?

Sazgar Engineering Works Limited (SAZEW) was trading at Rs. 250.5 today, up 7.50%(upper lock). This came despite the broader market being under severe pressure due to the political uncertainty prevalent in the country. So what prompted the stock to trade at upper lock?

The reason lies in the sales numbers.

The company announced SAZEW production and sales numbers on 12th February 2024. These numbers are as follows:

Three Wheelers

Four Wheelers – Off-road and passenger vehicles

SAZEW achieved its highest ever 4-wheeler sales figure selling 967 units in the month of January. Compared to the same period last year, this is more than twice that number(436 in Jan-23).

In November 2022, the company took the initiative of assembling 4-wheelers with a first-of-its-kind plant in Pakistan. That step has transformed the company from a Riskshaw and Tractor parts company to one that derives a major chunk of its profits from the sale of 4-wheelers.

While this news was released in the early hours of Monday, the trading was muted due to a bloodbath in the market that saw the KSE-100 index lose over 2300 points during trading. As things became clearer, investors pounced on the opportunity and drove the stock to its upper lock.