ZF Steering Gear India rose 2.95% to Rs 1,072.50 at 14:15 IST on BSE after the company said that it has signed memorandum of co-operation with JSC 'Bate' of Republic of Belarus.
The company made announcement after market hours yesterday, 8 June 2015,
Meanwhile, the BSE Sensex was up 2.04 points, or 0.01%, to 26,525.13.
On BSE, so far 1,614 shares were traded in the counter, compared with an average volume of 5,975 shares in the past one quarter.
The stock hit a high of Rs 1,085 and a low of Rs 1,052 so far during the day. The stock hit a record high of Rs 1,370 on 13 April 2015. The stock hit a 52-week low of Rs 366.65 on 14 August 2014.
The stock had underperformed the market over the past one month till 8 June 2015, declining 5.55% compared with 2.15% decline in the Sensex. The scrip had however outperformed the market in past one quarter, gaining 6.55% as against Sensex's 9.94% fall.
The small-cap stock has an equity capital of Rs 9.07 crore. Face value per share is Rs 10.
ZF Steering Gear (India) said that it was a part of a recent delegation to Republic of Belarus. During this visit, the company signed a 'Memorandum of Co-operation' with JSC 'Bate' of the Republic of Belarus to develop scientific, technical, industrial and commercial co-operation and to implement joint-projects, develop and sale of various products/ components.
ZF Steering also said that the company recently received the first order from Belarus, valued at $701,100 (approximately Rs 4.5 crore), from AVTOGYDROUSILITEL (AGU) for supply of components.
In a separate announcement after market hours yesterday, 8 June 2015, ZF Steering Gear India said that its joint venture company, in which the company holds 26% equity stake and 74% is held by Robert Bosch Automotive Steering GmbH, stands changed from 'ZF Lenksysteme India' to 'Robert Bosch Automotive Steering' with effect from 4 June 2015.
ZF Steering Gear India's net profit rose 43.9% to Rs 13.73 crore on 18.4% rise in total income to Rs 98.38 crore in Q4 March 2015 over Q4 March 2014.
ZF Steering Gear (India) (ZFINDIA) is into manufacturing and supply of Ball and Nut Integral Hydraulic Power & Worm and Roller Mechanical Steering System in India and having joint venture with ZF Lenksysteme GmbH.
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