The company made this announcement during trading hours today, 13 December 2011.
Meanwhile, the BSE Sensex was down 16.13 points, or 0.1% to 15,854.22.
On BSE, 1.04 lakh shares were traded in the counter as against average daily volume of 41,294 shares in the past one quarter.
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The stock hit a high of Rs 10.55 and a low of Rs 9.46 so far during the day. The stock had hit a 52-week low of Rs 9.26 on Monday, 12 December 2011. The stock had hit a 52-week high of Rs 23 on 20 December 2010.
The small-cap stock had underperformed the market over the past one month till 12 December 2011, falling 19.98% compared with the Sensex's 7.69% decline. The scrip had also underperformed the market in past one quarter, declining 22.4% as against 3.83% fall in the Sensex.
The company has an equity capital of Rs 13.53 crore. Face value per share is Re 1.
Rico Auto Industries said that the company has sold the entire 4.75 lakh fully paid-up equity shares of Rs 100 each of the joint venture (JV) and subsidiary company -- KRP Auto Industries -- to the other JV partner, Kailash Royal Premium Projects, with whom JV agreement was signed on 23 December 2009. The entire consideration of Rs 20.30 crore (including the amount of premium) towards the investment has been received and consequently KRP Auto Industries ceased to be subsidiary of Rico Auto Industries with effect from Monday, 12 December 2011, Rico Auto Industries said in a statement.
On a consolidated basis, Rico Auto Industries reported a net loss of Rs 2.67 crore in Q2 September 2011, higher than net loss of Rs 0.64 crore in Q2 September 2010. Net sales rose 19% to Rs 366.30 crore in Q2 September 2011 over Q2 September 2010.
Rico Auto Industries supplies a wide range of high precision fully machined aluminum and ferrous components and assemblies to automotive original equipment manufacturers (OEMs) across the globe. Rico's integrated services include design, development, tooling, casting, machining and assembly across ferrous and aluminum products.
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