Dynamatic Technologies gains on sale of non-core assets

Dynamatic Technologies rose 1.06% to Rs 902 at 11:22 IST on BSE after the company said it has signed an agreement for sale of additional non-core assets for Rs 70 crore.

The announcement was made after market hours on Monday, 19 May 2014.

Meanwhile, the S&P BSE Sensex was down 3.46 points or 0.01% at 24,359.59.

On BSE, so far 300 shares were traded in the counter as against average daily volume of 6,061 shares in the past one quarter.

The stock was volatile. The stock surged as much as 5% at the day's high of Rs 937 so far during the day. The stock rose 0.95% at the day's low of Rs 901 so far during the day. The stock had hit a 52-week high of Rs 952.70 on 28 March 2014. The stock had hit a 52-week low of Rs 465 on 27 August 2013.

The stock had underperformed the market over the past one month till 19 May 2014, advancing 3.9% compared with the Sensex's 7.66% rise. The scrip had, however, outperformed the market in past one quarter, jumping 62.6% as against Sensex's 17.57% rise.

The small-cap company has equity capital of Rs 5.41 crore. Face value per share is Rs 10.

The sale of non-core assets by Dynamatic Technologies is part of the company's initiatives to reduce its overall debt thereby improving its balance sheet.

Dynamatic Technologies' consolidated net profit surged 115.4% to Rs 3.92 crore on 20.3% growth in net sales to Rs 396 crore in Q3 December 2013 over Q3 December 2012.

Dynamatic Technologies designs and builds highly engineered products for automotive, aeronautic, hydraulic and security applications.

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