Sundram Fasteners drops after weak Q1 numbers

Sundram Fasteners lost 4.25% to Rs 32.65 at 14:29 IST on BSE after net profit fell 5.7% to Rs 29.45 crore on 9.7% decline in net sales to Rs 515.30 crore in Q1 June 2013 over Q1 June 2012.

The Q1 result was announced after market hours on Wednesday, 14 August 2013. The stock market was closed on Thursday, 15 August 2013 on account of Independence Day.

Meanwhile, the S&P BSE Sensex was down 669.76 points or 3.46% at 18,697.83.

On BSE, 2,334 shares were traded in the counter as against average daily volume of 16,134 shares in the past one quarter.

The stock hit a high of Rs 33.70 and a low of Rs 32.35 so far during the day. The stock had hit a 52-week low of Rs 30.35 on 6 August 2013. The stock had hit a 52-week high of Rs 58.85 on 8 January 2013.

The stock had outperformed the market over the past one month till 14 August 2013, sliding 1.02 % compared with the Sensex's 2.96% fall. The scrip had, however, underperformed the market in past one quarter, tumbling 9.19% as against Sensex's 1.8% fall.

The small-cap automotive components maker has equity capital of Rs 21.01 crore. Face value per share is Re 1.

Net foreign exchange gain amounted to Rs 2.82 crore. This was in spite of exchange loss on foreign currency loans amounting to Rs 14.11 crore which were set off by exchange gain on export sales of Rs 16.93 crore.

Sundram Fasteners is a part of TVS Group, headquartered in Chennai, India. The company has a diversified product line with world-class facilities in 4 countries.

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