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Shares of Metalyst Forgings (formerly Ahmednagar Forgings) have dipped nearly 15% to Rs 189 on the NSE after the company reported a net loss of Rs 6.83 crore for the quarter ended March 31, 2015 (Q2), due to higher raw material and finance costs. The Amtek Group firm had posted a net profit of Rs 55.53 crore in the year-ago quarter.
Total operational income of the company during quarter under review declined by 3.5% to Rs 578 crore against Rs 599 crore in the corresponding quarter of the previous fiscal.
Raw material costs increased 53% year-on-year to Rs 602 crore, while finance costs nearly doubled to Rs 76.85 crore against Rs 45.89 crore over the previous year's corresponding quarter.
The stock opened at Rs 200 and hit a 52-week low of Rs 187 on the NSE. A combined 1.06 million shares changed hands on the counter on the NSE and BSE till 1041 hours.
Total operational income of the company during quarter under review declined by 3.5% to Rs 578 crore against Rs 599 crore in the corresponding quarter of the previous fiscal.
Raw material costs increased 53% year-on-year to Rs 602 crore, while finance costs nearly doubled to Rs 76.85 crore against Rs 45.89 crore over the previous year's corresponding quarter.
The stock opened at Rs 200 and hit a 52-week low of Rs 187 on the NSE. A combined 1.06 million shares changed hands on the counter on the NSE and BSE till 1041 hours.
