Jamna Auto Industries rose 2.81% to Rs 195.90 at 12:05 IST on BSE after consolidated net profit surged 113.8% to Rs 27.41 crore on 16.6% rise in total income to Rs 340.62 crore in Q1 June 2016 over Q1 June 2015.
The result was announced after market hours yesterday, 4 August 2016.Meanwhile, the S&P BSE Sensex was up 279.33 points or 1.01% at 27,994.48
On BSE, so far 1.33 lakh shares were traded in the counter as against average daily volume of 98,148 shares in the past one quarter. The stock hit a high of Rs 202.10 and low of Rs 195.25 so far during the day. The stock hit a record high of Rs 204 on 1 August 2016. The stock hit a 52-week low of Rs 90 on 8 September 2015. The stock had outperformed the market over the past one month till 4 August 2016, rising 9.48% compared with 1.6% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 36.11% as against the Sensex's 10.41% rise.
The small-cap company has equity capital of Rs 39.74 crore. Face value per share is Rs 5.
The surge in bottom line came even as depreciation charge rose sharply. The company said in its results footnote that it provided accelerated depreciation of Rs 9.27 crore in Q1 June 2016. The company provided accelerated depreciation taking note of the fact that certain machines may not be usable as the company has decided to upgrade its manufacturing facilities.
Meanwhile, Jamna Auto Industries said that it has decided to incorporate a wholly owned subsidiary company for setting up a plant in Lucknow.
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Jamna Auto Industries is the largest manufacturer of tapered leaf and parabolic springs for commercial vehicles in India. The company is fast expanding its presence in new-generation products like air suspension and lift axle.
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