Gabriel India rose 3.97% to Rs 95.55 at 14:55 IST on BSE after the company said it signed a technology license agreement with Netherlands-based KONI B.V. for commercial vehicle, buses and industrial equipment suspensions in India.
The announcement was made during trading hours today, 7 November 2014.
Meanwhile, the BSE Sensex was down 87.18 points, or 0.31%, to 27,828.70.
On BSE, so far 4.63 lakh shares were traded in the counter, compared with an average volume of 3.14 lakh shares in the past one quarter.
The stock hit a high of Rs 96 and a low of Rs 89.95 so far during the day. The stock hit a record high of Rs 97.20 on 5 November 2014. The stock hit a 52-week low of Rs 19.45 on 4 February 2014.
The stock had outperformed the market over the past one month till 5 November 2014, rising 14.37% compared with 5.07% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 74.22% as against Sensex's 7.75% rise.
The small-cap company has an equity capital of Rs 14.36 crore. Face value per share is Re 1.
Gabriel India and KONI signed a technology license agreement on Thursday, 6 November 2014. As part of the agreement, KONI will provide technology that will allow Gabriel to manufacture innovative damper products for the original equipment and aftermarkets in India as well as Bangladesh, Sri Lanka, Nepal and Bhutan.
The association will be in the areas of design, development and manufacturing of high-end shock absorbers. This co-operation will help deliver new generation shock-absorbers required for enhancing the ride and performance, harnessing the capabilities of both the companies.
With more than 150 years of experience in the area of shock absorber solutions KONI develops, manufactures and markets shock absorbers for all types of cars and commercial vehicles such as rail vehicles, cars, racing cars, trucks and buses. KONI is head-quartered in Oud-Beijerland, The Netherlands.
Net profit of Gabriel India rose 57.83% to Rs 13.70 crore on 19.31% rise in net sales to Rs 349.99 crore in Q1 June 2014 over Q1 June 2013.
Gabriel India provides the widest range of ride control products in India: shock absorbers, struts and front forks, across every automotive segment with over 300 product models on offer.
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