GNA Axles

Thus far in 2022, key raw materials used in automobile manufacturing like steel, iron ore, aluminum, nickel, and rubber have dropped in the range of 16 per cent to 45 per cent.

The company posted consolidated net profit of Rs 29.46 crore as against a loss of Rs 6.58 crore in the year-ago quarter on the back of a healthy operational performance

The stock dipped 6% to Rs 384 on the BSE in intra-day trade after nearly 10% of total equity of auto ancillary Company changed hands on the counter via multiple block deals

Stock hit an intra-day high of Rs 260 before slipping to close at Rs 245, a gain of 18.4 per cent

The stock listed at Rs 252, a 22% premium against issue price of Rs 207 per share, on the National Stock Exchange.

The retail portion was subscribed 10 times. The price band for the IPO was fixed at Rs 205-Rs 207 a share

A little more than 9.1 million bids were received against 4.47 million shares on offer

PNB Investment Services Limited and Ambit Private Ltd are the book running lead managers to the issue