Ahmednagar Forging hits 52-week high post March quarter results

The stock has surged 12% to Rs 171 after reporting a 46% yoy jump in net profit at Rs 56 crore for the quarter ended March 2014.

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SI Reporter Mumbai
Last Updated : May 09 2014 | 9:54 AM IST
Ahmednagar Forging has surged 12% to Rs 171 after reporting a 46% year-on-year (yoy) growth in net profit at Rs 55.53 crore for the quarter ended March 2014 on the back of higher sales. The auto ancillary company had reported a profit of Rs 38 crore in the same period of the previous year.

During the quarter, the company posted a net sales growth of 88% at Rs 563 crore as against Rs 300 crore in the year-ago quarter. The operating profit of the company grew by 70% to Rs 158 crore on yoy basis.

The stock opened at Rs 164 and touched a 52-week high of Rs 178 on the NSE. A combined 317,000 shares changed hands on the counter so far on the NSE and BSE.

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First Published: May 09 2014 | 9:43 AM IST

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