Ahmednagar Forgings slumps after quarterly earnings

Ahmednagar Forgings tumbled 8.66% at Rs 413.90 at 12:31 IST on BSE after net profit rose 23.1% to Rs 44.34 crore on 32.2% growth in net sales to Rs 612.12 crore in the quarter ended 30 September 2014 over the quarter ended 30 September 2013.

The result was announced after market hours on Monday, 24 November 2014.

Meanwhile, the S&P BSE Sensex was down 131.62 points or 0.46% at 28,367.92.

On BSE, so far 2.35 lakh shares were traded in the counter as against average daily volume of 1.47 lakh shares in the past one quarter.

The stock hit a high of Rs 448.40 and a low of Rs 407.50 so far during the day. The stock had hit a 52-week low of Rs 96 on 25 November 2013. The stock had hit a record high of Rs 519.80 on Monday, 24 November 2014.

The stock had outperformed the market over the past one month till 24 November 2014, advancing 17.35% compared with Sensex's 6.14% rise. The scrip had also outperformed the market in past one quarter, surging 40.47% as against Sensex's 7.87% rise.

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

Ahmednagar Forgings' net profit rose 11.4% to Rs 193.08 crore on 39.5% growth in net sales to Rs 2295.37 crore in the year ended 30 September 2014 over the year ended 30 September 2013.

Ahmednagar Forgings' board of directors at its meeting held on Monday, 24 November 2014, inter alia, approved issuance of non-convertible preference shares upto Rs 300 crore subject to approval of shareholders in the forthcoming annual general meeting.

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