Nod for demerger pushes Amforge up 7.8%
DALAL STREET SPIKES
| The company's shareholders approved a composite scheme of arrangement. The stock had touched a 52-week high of Rs 277.4 on January 16. |
| The approved scheme includes the demerger of its Chakan plant and its amalgamation with Mahindra Automotive Steels. The shareholders also approved a reduction in capital from equity share of Rs 10 to Rs 2. |
| The company supplies products to leading car models such as Tata Indica and Hyundai Santro. The company also caters to 70 per cent of Maruti's forging requirements. |
| For the December FY06 quarter, the company posted a net profit of Rs 4.95 crore on net sales of Rs 72.57 crore. |