Wheels India spurts on bargain hunting

Wheels India jumped 12.88% to Rs 525.40 at 10:29 IST on BSE on bargain hunting after the stock slumped 21.34% in the preceding thirteen trading sessions to Rs 465.45 on 25 March 2014, from a recent high of Rs 591.70 on 6 March 2014.

Meanwhile, the BSE Sensex was up 76.57 points, or 0.35%, to 22,131.78.

On BSE, so far 1.19 lakh shares were traded in the counter, compared with an average volume of 14,348 shares in the past one quarter.

The stock hit a high of Rs 530 and a low of Rs 471 so far during the day. The stock hit a 52-week high of Rs 993.49 on 6 February 2014. The stock hit a 52-week low of Rs 426.65 on 25 March 2014.

The stock had underperformed the market over the past one month till 25 March 2014, falling 21.91% compared with the Sensex's 5.77% rise. The scrip had also underperformed the market in past one quarter, falling 34.56% as against Sensex's 4.86% rise.

The small-cap company has an equity capital of Rs 12.02 crore. Face value per share is Rs 10.

Wheels India's net profit fell 54.2% to Rs 4.12 crore on 4.3% decline in net sales to Rs 386.47 crore in Q3 December 2013 over Q3 December 2012.

Wheels India is engaged in manufacturing of steel wheels for commercial vehicles, passenger cars, utility vehicles, agricultural tractors and construction equipment. The company also manufactures air suspension kits for trucks and buses.

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