Automotive Axles, Harita Seating Systems rally on good Q4 results

Shares of auto ancillaries companies such as Automotive Axles and Harita Seating Systems rallied by up to 15% on the BSE in intra-day trade after reporting a strong set of numbers for the quarter ended March 2017 (Q4FY17).

Automotive Axles hit a 52-week high of Rs 803, up 15% on BSE in early morning trade, after the company posted 59% growth in net profit at Rs 17.27 crore in Q4FY17. It had profit of Rs 10.87 crore in the same quarter year ago.

Net operational revenue grew 12% to Rs 351 crore against Rs 312 crore in the corresponding quarter of previous fiscal.

The board of directors of the company has recommended a dividend of Rs 8 per share of Rs 10 each for the financial year 2016-17.

Harita Seating Systems surged 8% to Rs 739 after earnings before interest, tax, depreciation and amortization (Ebitda) increased by 45% to Rs 9.54 crore in Q4FY16 from Rs 6.57 crore in Q3FY16.