Ahmednagar Forgings drops as Cresta Fund sells stake

Ahmednagar Forgings lost 3.78% to Rs 313 at 12:15 IST on BSE after Cresta Fund sold 3.85 lakh shares of Ahmednagar Forgings on NSE at Rs 327.26 per share on Monday, 7 July 2014.

Meanwhile, the S&P BSE Sensex was down 63.86 points or 0.24% at 26,036.22.

On BSE, so far 94,000 shares were traded in the counter as against average daily volume of 63,340 shares in the past one quarter.

The stock hit a high of Rs 328 and a low of Rs 311.15 so far during the day. The stock had hit a 52-week low of Rs 73.20 on 7 August 2013. The stock had hit a record high of Rs 376.35 on 18 June 2014.

The stock had underperformed the market over the past one month till 7 July 2014, sliding 9.15% compared with Sensex's 2.77% rise. The scrip had, however, outperformed the market in past one quarter, jumping 149.08% as against Sensex's 16.81% rise.

The castings and forgings company has equity capital of Rs 36.75 crore. Face value per share is Rs 10.

Cresta Fund held 8.88% stake in Ahmednagar Forgings (as per the shareholding pattern as on 31 March 2014).

Ahmednagar Forgings' net profit surged 46.1% to Rs 55.53 crore on 88% growth in net sales to Rs 563.26 crore in the quarter ended 31 March 2014 over the quarter ended 31 March 2013.

Powered by Capital Market - Live News