Omax Autos spurts on plan to merge four closely held firms

Omax Autos jumped 13.75% to Rs 45.10 at 15:22 IST on BSE after the company said its board will meet on 16 January 2014 to consider the merger of four closely held companies with the company.

The company made the announcement during trading hours today, 8 January 2014.

Meanwhile, the S&P BSE Sensex was up 33.31 points or 0.16% at 20,726.55.

On BSE, so far 1.96 lakh shares were traded in the counter as against average daily volume of 4,147 shares in the past one quarter.

The stock hit a high of Rs 46.80 and a low of Rs 37.10 so far during the day. The stock had hit a 52-week high of Rs 49.40 on 14 January 2013. The scrip had hit a 52-week low of Rs 26 on 29 July 2013.

The stock had outperformed the market over the past one month till 7 January 2014, surging 28.94% compared with the Sensex's 1.44% fall. The scrip had also outperformed the market in past one quarter, jumping 17.31% as against Sensex's 4.01% rise.

The small-cap company has equity capital of Rs 21.39 crore. Face value per share is Rs 10.

Omax Autos' board of directors will meet on 16 January 2014 to consider the merger of OM Autocomp, Century Autotech, Auto Vision India and Magnum Plus Auto Component with the company.

Omax Autos reported a net loss of Rs 4.20 crore in Q2 September 2013, compared with net profit of Rs 3.56 crore in Q2 September 2012. Net sales declined 14.5% to Rs 238.66 crore in Q2 September 2013 over Q2 September 2012.

Omax Autos is engaged in manufacturing of automobile components. Within the auto components business, Omax is mainly involved and having specialisation in body, frames and chassis.

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