Axiscades Engg firms up after board OKs investment in units

Axiscades Engineering Technologies rose 2.01% to Rs 154.70 at 11:57 IST on BSE after the company said its board approved investment in wholly-owned subsidiaries.

The announcement was made after market hours yesterday, 22 March 2017.

Meanwhile, the S&P BSE Sensex was up 117.62 points, or 0.40% to 29,285.30.

On the BSE, 7,824 shares were traded in the counter so far, compared with average daily volumes of 20,000 shares in the past two weeks. The stock had hit a high of Rs 156.80 and a low of Rs 153.05 so far during the day.

The stock hit a 52-week high of Rs 305.50 on 22 April 2016. The stock hit a 52-week low of Rs 133.50 on 22 November 2016.

The board of Axiscades Engineering Technologies in its meeting held 21 March 2017, has given its approval for making further investment in its wholly owned subsidiaries. As per the approval, the company will increase the equity of AXISCADES GmbH by 1.25 lakh euros in one or more tranches. Further, it will invest Rs 15 crore in AXISCADES Aerospace & Technologies.

On a consolidated basis, net profit of AXISCADES Engineering Technologies declined 73.50% to Rs 1.99 crore on 13.61% rise in net sales to Rs 109.71 crore in Q3 December 2016 over Q3 December 2015.

AXISCADES is a technology solutions provider, catering to the futuristic needs of aerospace, defense, heavy engineering, automotive and industrial production sectors.

Powered by Capital Market - Live News