AIA Engg slips after Welcast Steels' workmen go on a tool down strike

AIA Engineering shed 4.33% to Rs 1,064.40 at 14:10 IST on BSE after the company said that the workmen in company's subsidiary, Welcast Steels, Bangalore, have chosen to go for tool down strike without giving any prior notice to the management of WSL.

The company made the announcement before market hours today, 8 December 2014.

Meanwhile, the BSE Sensex was down 266.48 points, or 0.94%, to 28,191.62.

On BSE, so far 6,401 shares were traded in the counter, compared with an average volume of 9,370 shares in the past one quarter.

The stock hit a high of Rs 1,116.40 and a low of Rs 1,058.50 so far during the day. The stock hit a record high of Rs 1,229 on 28 November 2014. The stock hit a 52-week low of Rs 415.20 on 5 December 2013.

The stock had outperformed the market over the past one month till 5 December 2014, rising 13.72% compared with 1.94% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 17.35% as against Sensex's 5.3% rise.

The large-cap firm has an equity capital of Rs 18.86 crore. Face value per share is Rs 2.

The management of Welcast Steels (WSL) is hopeful to restore normalcy at the earliest, AIA Engineering said in a statement.

AIA Engineering's consolidated net profit rose 46.8% to Rs 108.07 crore on 19.3% rise in total income to Rs 592.46 crore in Q2 September 2014 over Q2 September 2013.

AIA Engineering specialises in the design, development, manufacture, installation and servicing of high chromium wear, corrosion and abrasion resistant castings used in the cement, mining and thermal power generation industries.

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