ZF Steering powers on bonus issue move

DALAL STREET SPIKES

ZF Steering Gear has risen 6.4 per cent to close at Rs 807.70 on Wednesday. The hike was triggered by the company's announcement to set a record date for bonus issue. The stock has been surging in the last few days upon strong first quarter show.

The scrip on Wednesday hit its all-time high in intra-day trades at Rs 816. It has registered a net profit increase to Rs 7.34 crore compared with Rs 4.58 crore in the first quarter of the previous year. Net sales has also gone up by 55.9 per cent.

The company, which is a leading manufacturer of mechanical steering gears and hydraulic power steering gears, caters to automobile companies such as Tata Motors, Mahindra & Mahindra and Volvo.