JMT Auto rallies 15.7% in three days

JMT Auto was locked at 5% upper circuit at Rs 447.35 at 14:34 IST on BSE, with the stock extending recent rally triggered by the company's board approving issue of bonus shares in the ratio of 5:2.

Meanwhile, the S&P BSE Sensex was down 345.66 points or 1.35% at 25,230.55.

On BSE, so far 3,929 shares were traded in the counter as against average daily volume of 3,748 shares in the past one quarter.

The stock opened with an upward gap surging by the maximum permissible level of 5% and remained locked at 5% upper circuit level at Rs 447.35 so far in the day, which is also its record high for the counter. The stock had hit a 52-week low of Rs 84.15 on 19 June 2013.

The stock had outperformed the market over the past one month till 12 June 2014, surging 50.31% compared with Sensex's 8.6% rise. The scrip had also outperformed the market over the past one quarter, jumping 180.2% as against Sensex's 17.02% rise.

The small-cap company has equity capital of Rs 14.40 crore. Face value per share is Rs 10.

Shares of JMT Auto have rallied 15.74% in three trading sessions from Rs 386.50 on 10 June 2014, after the company after market hours on 10 June 2014 said that its board of directors at a meeting held on 10 June 2014, approved the issue of bonus shares in the ratio of 5:2 i.e., five bonus shares for every two shares held.

JMT Auto's net profit declined 16.2% to Rs 6.29 crore on 41.1% growth in net sales to Rs 101.88 crore in Q4 March 2014 over Q4 March 2013.

JMT Auto is one of the leading auto component manufacturers in the Eastern region with manufacturing facilities spread across three locations in India viz., Jamshedpur (Jharkhand), Dharwad (Karnataka), and Lucknow (Uttar Pradesh) and business spread across countries like USA, Belgium, South East Asia, Brazil, Germany, Italy and Mexico.

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