Omax Autos surged 9.35% to Rs 90.05 at 10:51 IST on BSE after the company sold remaining 51% stake in its subsidiary to AG Industries.
Meanwhile, the S&P BSE Sensex was down 139.10 points or 0.55% at 24,688.16
On BSE, so far 1.25 lakh shares were traded in the counter as against average daily volume of 47,941 shares in the past one quarter. The stock hit a high of Rs 93.50 and a low of Rs 83.10 so far during the day. The scrip had hit a 52-week low of Rs 35.60 on 28 April 2015. The stock had hit a 52-week high of Rs 94 on 1 January 2016. The stock had outperformed the market over the past one month till 11 January 2016, rising 7.23% compared with 0.88% decline in the Sensex. The scrip had also outperformed the market in past one quarter, surging 75.77% as against Sensex's 8.33% decline.
The small-cap company has equity capital of Rs 21.39 crore. Face value per share is Rs 10.
Omax Autos after market hours yesterday, 11 January 2016 said that the company has sold its remaining 51% stake in its subsidiary Gmax Auto for Rs 2.55 lakh to AG Industries, which already owned 49% stake in Gmax Auto. Gmax Auto reported a turnover of Rs 91.14 crore and had a negative networth of Rs 12.83 crore in the year ended 31 March 2015. The share transfers have been registered yesterday, 11 January 2016 by the board of directors of Gmax Auto. Consequently, the company has no stake in Gmax Auto and it is no more a subsidiary of the company, Omax Autos said.
Omax Autos net profit dropped 46.3% to Rs 3.28 crore on 6.3% growth in net sales to Rs 264.14 crore in Q2 September 2015 over Q2 September 2014.
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Omax Autos is one of the leading manufacturers of auto and non auto components in India. The company specializes in sheet metal components, tubular components and machined components.
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