Force Motors jumps 33.62% in three days

Force Motors surged 8.49% to Rs 383.30 at 10:46 IST on BSE, with the stock extending recent rally.

Meanwhile, the BSE Sensex was up 46.05 points, or 0.22%, to 20,680.25

On BSE, so far 23,954 shares were traded in the counter, compared with an average volume of 4,649 shares in the past one quarter.

The stock hit a high of Rs 390.70 and a low of Rs 357 so far during the day. The stock hit a 52-week high of Rs 437 on 4 December 2013. The stock hit a 52-week low of Rs 225 on 7 August 2013.

The stock had underperformed the market over the past one month till 18 February 2014, falling 2.66% compared with the Sensex's 2.04% fall. The scrip had, however, outperformed the market in past one quarter, gaining 14.97% as against Sensex's 1.04% decline.

The small-cap company has an equity capital of Rs 13.18 crore. Face value per share is Rs 10.

Shares of Force Motors gained 33.62% in three trading days from recent low of Rs 286.85 on 14 February 2014. The gains caught momentum after Force Motors after market hours on Monday, 17 February 2014 said that the company's promoters viz. Jaya Hind Investments and others, have acquired 6.31 lakh shares on spot delivery basis from twelve members of the company on Monday, 17 February 2014. Shares of Force Motors jumped 15.08% to settle at Rs 353.30 on Monday, 17 February 2014.

The necessary disclosures as per the applicable regulations in respect of these acquisitions of the promoter group are being organized, the company said.

With this acquisition, the number of shares held by the promoter group stands increased from 68.18 lakh equity shares to 74.49 lakh equity shares, i.e. from 51.75% to 56.54% of the total paid up share capital of the company.

Force Motors reported net loss of Rs 8.37 crore in Q3 December 2013 as compared to net profit of Rs 8.13 crore in Q3 December 2012. Total income rose 9.6% to Rs 488.57 crore in Q3 December 2013 over Q3 December 2012.

Force Motors is engaged in the manufacture of LCVs, SCVs, utility vehicles, agricultural tractors and other products related to automobile industry such as diesel engines.

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