Ahmednagar Forgings hits 52-week high after good Q2 results

Ahmednagar Forgings surged 5.35% to Rs 184 at 13:45 IST on BSE, with the stock extending Friday's rally triggered by the company announcing good Q2 result after market hours on Thursday, 8 May 2014.

Meanwhile, the BSE Sensex was up 434.56 points, or 1.89%, to 23,428.79

On BSE, so far 1.89 lakh shares were traded in the counter compared with the average volume of 27,707 shares in past one quarter.

The stock hit a 52-week high of Rs 191 in intraday trade today, 9 May 2014. The stock hit an intraday low of Rs 170 so far during the day. The stock had hit a 52-week low of Rs 73.20 on 7 August 2013.

The small-cap stock had outperformed the market over the past one month till 9 May 2014, rising 29.61% compared with 1.29% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 74.39% as against Sensex's 12.85% rise.

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

Shares of Ahmednagar Forgings have jumped 24.91% in four trading days from a recent low of Rs 147.30 on 6 May 2014 with major part of gains coming after the company declared good Q2 result after market hours on Thursday, 8 May 2014. The stock surged a staggering 14.34% in a single trading session to settle at Rs 174.65 on Friday, 9 May 2014.

Ahmednagar Forgings net profit jumped 46.1% to Rs 55.53 crore on 88% surge in net sales to Rs 563.26 crore in Q2 March 2014 over Q2 March 2013.

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