Igarashi Motors in top gear on block deals

DALAL STREET SPIKES

The Igarashi Motors stock went up 9.4 per cent to Rs 141.6, after touching a high of Rs 149.5. Over 6.6 lakh shares were traded on the BSE. The stock has gained by six per cent over the past one week.

Tuesday's surge was on the back of three block deals. Moreover, the company board recently approved an increase in FII ceiling up to 40 per cent of the paid-up capital.

For Q1 FY07, the company posted turnaround results. It clocked a net profit of Rs 93 lakh, compared with net loss of Rs one crore in corresponding previous quarter. Net sales rose 64.8 per cent to Rs 57.06 crore from Rs 34.63 crore. Its clients include General Motors, Honda, Renault, and Mitsubishi.