Atul Auto drops on profit booking

Atul Auto lost 3.05% to Rs 296 at 13:16 IST on BSE, with the stock sliding on profit booking after recent steep rally.

Meanwhile, the S&P BSE Sensex was up 82.46 points or 0.39% at 21,292.19.

On BSE, so far 3,669 shares were traded in the counter as against average daily volume of 4,976 shares in the past two weeks.

The stock hit a high of Rs 309 and a low of Rs 296 so far during the day.

Shares of Atul Auto had rallied 11.2% in four trading sessions to settle at Rs 305.30 on Tuesday, 4 March 2014, from a recent low of Rs 274.55 on 25 February 2014. The recent rally in the stock was triggered by the company reporting strong sales in February 2014 on 1 March 2014.

Atul Auto's total vehicle sales rose 18.97% to 3,105 units in February 2014 over February 2013.

Atul Auto's net profit rose 16.7% to Rs 9.66 crore on 19% growth in net sales to Rs 122.89 crore in Q3 December 2013 over Q3 December 2012.

Atul Group is a leading manufacturer of three-wheeled commercial vehicles in the state of Gujarat.

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