Mahindra CIE Automotive fell 1.64% to Rs 243.60 at 10:35 IST on BSE as fresh shares issued pursuant to Scheme of Amalgamation were admitted for trading on the bourses today, 16 January 2015.
Meanwhile, the BSE Sensex was down 8.15 points, or 0.03%, to 28,067.40
On BSE, so far 76,036 shares were traded in the counter, compared with an average volume of 60,231 shares in the past one quarter.
The stock hit a high of Rs 247 and a low of Rs 232 so far during the day. The stock hit a 52-week high of Rs 256.50 on 15 January 2015. The stock hit a 52-week low of Rs 46.60 on 20 January 2014.
The stock had outperformed the market over the past one month till 15 January 2015, rising 15.48% compared with 2.77% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 28.12% as against Sensex's 6.55% rise.
The mid-cap company has an equity capital of Rs 322.79 crore. Face value per share is Rs 10.
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A total of 22.93 crore shares were admitted for trading on the bourses today, 16 January 2015. Mahindra CIE Automotive on 2 January 2015 announced that the Allotment Committee of the Board of directors of the company, had pursuant to the scheme of amalgamation of Mahindra Hinoday Industries (MHIL), Mahindra Ugine Steel Company (MUSCO), Mahindra Gears International (MGIL), Mahindra Investments (India) (MIIPL) and Participaciones Internacionales Autometal TRES, S.L. (PIA3) with the company (Integrated Scheme) and the scheme of amalgamation of Mahindra Composites (MCL) with the company (Composites Scheme) issued and allotted 22.93 crore equity shares of Rs 10 each as fully paid-up. Consequent to the allotment, the paid up equity share capital of the company increased from Rs 93.45 crore to Rs. 322.78 crore.
Mahindra CIE Automotive reported 3.4% rise in net profit to Rs 4.59 crore on 1.2% decline in net sales to Rs 85.46 crore in Q2 September 2014 over Q2 September 2013.
Mahindra CIE Automotive is the fastest emerging global leader in forging business with plants in Germany, UK and India. The firm is engaged into the manufacturing of forged and machined products for automotive, agriculture, railway, mining, construction and other industries.
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