GNA Axles gains after bulk deal

GNA Axles rose 1.85% to Rs 234.35 at 12:51 IST on BSE after a bulk deal of 8.56 lakh shares was executed on the scrip at Rs 229 per share at 12:23 IST on BSE.

Meanwhile, the S&P BSE Sensex was down 65.40 points, or 0.21% at 30,892.85. The S&P Small-Cap index was up 41.99 points or 0.28% at 15,183.07.

Bulk deal boosted volume on the scrip. On the BSE, 8.69 lakh shares were traded in the counter so far, compared with average daily volumes of 15,174 shares in the past one quarter. The stock had hit a high of Rs 236.70 and a low of Rs 228.05 so far during the day. The stock hit a record high of Rs 275.55 on 10 October 2016. The stock hit a record low of Rs 171.10 on 22 November 2016.

The stock had outperformed the market over the past one month till 27 June 2017, rising 7.42% compared with 0.23% fall in the Sensex. The scrip had also underperformed the market in past one quarter, rising 4.97% as against Sensex's 5.89% rise.

Shares of GNA Axles had debuted at Rs 248.50, a premium of 20.05% over its initial public offer (IPO) price of Rs 207 per share on 26 September 2016. The stock had settled at Rs 245.15, a premium of 18.43% over its IPO price on debut.

The IPO of GNA Axles had seen strong response from investors. Bidding for the IPO ended on 16 September 2016. The IPO received bids for 24.52 crore shares and it was subscribed 54.88 times. The IPO price band was Rs 205 to Rs 207 per share.

GNA Axles' net profit fell 16.76% to Rs 6.11 crore on 4.45% fall in total income to Rs 127.84 crore in Q4 March 2017 over Q4 March 2016.

GNA Axles is into manufacturing of rear axle shafts used in on-highway and off-highway vehicular segments in India.

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