AXISCADES Engineering Technologies gained 3.87% to Rs 120.65 at 12:03 IST on BSE after the company created joint venture with Assystem in energy, buildings, infrastructures and nuclear sectors.
The announcement was made after market hours yesterday, 20 June 2018.Meanwhile, the S&P BSE Sensex was down 53.82 points or 0.15% at 35,493.51.
On the BSE, 31,000 shares were traded on the counter so far as against average daily volumes of 26,000 shares in the past two weeks. The stock had hit a high of Rs 122.45 and a low of Rs 118.65 so far during the day. The stock had hit a 52-week high of Rs 228 on 12 January 2018 and a 52-week low of Rs 107.50 on 17 October 2017.
The small-cap company has equity capital of Rs 18.88 crore. Face value per share is Rs 5.
AXISCADES Engineering Technologies and Assystem formalized their agreement and inaugurated joint venture (JV) company in India. This JV company will undertake engineering services for energy sector business for Indian and global utilities and contractors. JV combines the strength of AXISCADES in engineering services and economic competitiveness with Assystem's domain expertise in the energy and infrastructures fields to meet the needs of the industry's leading energy, buildings and infrastructures, and nuclear majors across the globe.
This JV also strengthens the economic competitiveness of Assystem engineering centers based in Europe, North America and the Middle East. The JV will start its operations in Hyderabad and plans to open two more centers in Delhi and in Mumbai with proximity to key customers.
On a consolidated basis, AXISCADES Engineering Technologies' reported net loss of Rs 12.48 crore in Q4 March 2018 as compared with net profit of Rs 3.13 crore in Q4 March 2017. Total income rose 30.74% to Rs 156.93 crore in Q4 March 2018 over Q4 March 2017.
AXISCADES Engineering Technologies is a product engineering and hightechnology solutions company catering to the futuristic needs of aerospace, defense, heavy engineering, automotive, energy, medical & healthcare sectors.
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