Automotive Axles hits record high

Automotive Axles advanced 3.41% to Rs 1,401 at 10:27 IST on BSE, with the stock extending recent stellar rally on the back of the company's solid Q2 September 2017 earnings.

Meanwhile, the S&P BSE Sensex was up 33.65 points or 0.1% at 33,652.24.

On the BSE, 5,110 shares were traded on the counter so far as against the average daily volumes of 15,374 shares in the past one quarter. The stock had hit a high of Rs 1,414.75 so far during the day, which is a record high. The stock hit a low of Rs 1,371.10 so far during the day. The stock had hit a 52-week low of Rs 582 on 22 December 2016.

Shares of Automotive Axles have rallied 22.72% in eight trading sessions to its ruling market price, from its closing of Rs 1,141.55 on 17 November 2017. The rally was fueled by the company's stellar Q2 September 2017 results announced on 15 November 2017.

Automotive Axles' net profit rose 111.5% to Rs 20.45 crore on 53.3% growth in net sales to Rs 349.64 crore in Q2 September 2017 over Q2 September 2016.

Automotive Axles manufactures drive axles, non-drive axles, front steer axles, specialty & defence axles and drum & disc brakes. It provides these products to the major domestic and global manufacturers of trucks & buses.

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