Precision Camshafts gains after receiving Rs 64.41 crore

Precision Camshafts rose 2.49% to Rs 160.80 at 11:02 IST on BSE after the company received Rs 64.41 crore towards redemption of its investment in preference shares of Cams Technology along with related dividend.

The announcement was made on Saturday, 14 January 2017.

Meanwhile, the S&P BSE Sensex was up 39.76 points or 0.15% at 27,277.82

On BSE, so far 2,561 shares were traded in the counter as against average daily volume of 16,480 shares in the past one quarter. The stock hit a high of Rs 163.30 and a low of Rs 159.20 so far during the day. The stock had hit a record high of Rs 188.20 on 25 October 2016. The stock had hit a record low of Rs 126.15 on 8 July 2016. The stock had underperformed the market over the past 30 days till 13 January 2017, rising 2.18% compared with the 2.71% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 6.27% as against Sensex's 1.57% decline.

The small-cap company has equity capital of Rs 94.77 crore. Face value per share is Rs 10.

Precision Camshafts said that the company had on 13 January 2017 received Rs 62 crore towards redemption of its investment in preference shares of Cams Technology along with related dividend of Rs 2.41 crore.

Precision Camshafts' net profit dropped 27.47% to Rs 13.04 crore on 8.32% decline in total income to Rs 114.03 crore in Q2 September 2016 over Q2 September 2015.

Precision Camshafts, promoted by first generation entrepreneurs Yatin Shah and Suhasini Shah, is one of the world's leading manufacturers of camshafts, a critical engine component in passenger vehicles.

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