Automotive Axles hits record high after posting robust Q2 results

Automotive Axles spurted 13.06% to Rs 1,082 at 14:25 IST on BSE after net profit jumped 111.52% to Rs 20.45 crore on 53.27% rise in net sales to Rs 349.64 crore in Q2 September 2017 over Q2 September 2016.

The result was announced during market hours today, 15 November 2017.

Meanwhile, the S&P BSE Sensex was down 183.71 points, or 0.56% at 32,758.16. The S&P BSE Small-cap index was down 253.88 points, 1.45% at 17,285.72, underperforming the Sensex.

High volumes were witnessed on the counter. On the BSE, 32,636 shares were traded on the counter so far as against the average daily volumes of 12,551 shares in the past one quarter. The stock had hit a high of Rs 1,082.05 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 962.15 so far during the day. The stock had hit a 52-week low of Rs 582 on 22 December 2016.

The stock had outperformed the market over the past one month till 14 November 2017, rising 7.02% compared with 1.57% rise in the Sensex. The scrip had also outperformed the market in the past one quarter, gaining 28.06% as against Sensex's 4.75% rise. The scrip had also outperformed the market in the past one year, gaining 37.44% as against Sensex's 22.83% rise.

The small-cap company has equity capital of Rs 15.11 crore. Face value per share is Rs 10.

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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