Ahmednagar Forging hits 52-week high post March quarter results
The stock has surged 12% to Rs 171 after reporting a 46% yoy jump in net profit at Rs 56 crore for the quarter ended March 2014.
SI Reporter Mumbai Ahmednagar Forging has surged 12% to Rs 171 after reporting a 46% year-on-year (yoy) growth in net profit at Rs 55.53 crore for the quarter ended March 2014 on the back of higher sales. The auto ancillary company had reported a profit of Rs 38 crore in the same period of the previous year.
During the quarter, the company posted a net sales growth of 88% at Rs 563 crore as against Rs 300 crore in the year-ago quarter. The operating profit of the company grew by 70% to Rs 158 crore on yoy basis.
The stock opened at Rs 164 and touched a 52-week high of Rs 178 on the NSE. A combined 317,000 shares changed hands on the counter so far on the NSE and BSE.
