GNA Axles moves ahead after starting production from spindle machining line

GNA Axles rose 2.42% to Rs 319.10 at 14:44 IST on BSE after the company said that it has started the commercial production from its newly installed automated spindle machining line at its unit-II at Gulabgarh Jattan District, Kapurthala Punjab.

The announcement was made during market hours today, 20 September 2017.

Meanwhile, the S&P BSE Sensex was up 41 points, or 0.13% at 32,443.37. The S&P Small-Cap index was up 37.44 points or 0.22% at 16,931.11.

On the BSE, 35,168 shares were traded in the counter so far, compared with average daily volumes of 49,935 shares in the past one quarter. The stock had hit a high of Rs 325.40 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 313.45 so far during the day. The stock had hit a record low of Rs 171.10 on 22 November 2016.

The stock has gained 10.77% in three sessions to its ruling price, from a close of Rs 288.05 on 15 September 2017.

The stock had outperformed the market over the past one month till 19 September 2017, gaining 17.72% compared with 2.78% gains in the Sensex. The scrip had also outperformed the market in past one quarter, rising 35.43% as against Sensex's 3.48% rise.

The small-cap company has equity capital of Rs 21.47 crore. Face value per share is Rs 10.

The said line was inaugurated today, 20 September 2017, by Linda Taliaferro, Vice President - Global Quality, Meritor Inc. in the presence of Rachhpall Singh - Chairman and Gursaran Singh Managing Director of the company.

GNA Axles' net profit rose 41.9% to Rs 11.08 crore on 4.7% rise in net sales to Rs 145.07 crore in Q1 June 2017 over Q1 June 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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