Igarashi Motors India rose 8.63% to Rs 1,045.85 at 14:23 IST on BSE after the company said it will supply parts to US-based electric car major Tesla, Inc.
Meanwhile, the S&P BSE Sensex was down 228.66 points, or 0.71% to 32,045.01.On the BSE, 27,000 shares were traded in the counter so far, compared with average daily volumes of 9,221 shares in the past one quarter. The stock had hit a high of Rs 1,124 and a low of Rs 960 so far during the day. The stock hit a record high of Rs 1,125 on 16 June 2017. The stock hit a 52-week low of Rs 650 on 21 November 2016.
The stock had underperformed the market over the past one month till 7 August 2017, falling 5.08% compared with 2.91% rise in the Sensex. The scrip had outperformed the market in past one quarter, rising 10.45% as against Sensex's 7.82% rise. The scrip had also outperformed the market in past one year, rising 40.70% as against Sensex's 14.52% rise.
The small-cap company has equity capital of Rs 30.61 crore. Face value per share is Rs 10.
Igarashi Motors India will be supplying components to the US-based maker of Model 3 electric car through a vendor, P Mukund, managing director, Igarashi Motors India said in a conference call with analysts on 3 August 2017. Igarashi will be supplying the motors for Tesla X's falcon doors, door lever retractors and motors for steering tilt and column adjustment.
Mukund also said that Igarashi's joint venture with Bosch will get into new platforms. Bosch is one of the companies that is strongly focused on automation, he said.
Net profit of Igarashi Motors India declined 5.12% to Rs 17.99 crore on 4.31% rise in net sales to Rs 130.81 crore in Q1 June 2017 over Q1 June 2016.
Igarashi Motors India is engaged in the business of auto components for automobiles.
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