Majestic Auto rose 3.99% to Rs 129.10 at 11:51 IST on BSE after the company announced shut down of its fine blanking division due to unviable business operations.
The announcement was made after market hours yesterday, 5 October 2017.Meanwhile, the S&P BSE Sensex was up 205.28 points or 0.65% at 31,797.31. The S&P BSE Small-Cap index rose 191.39 points or 1.16% at 16,640.57.
On the BSE, 20,000 shares were traded on the counter so far as against the average daily volumes of 17,369 shares in the past one quarter. The stock had hit a high of Rs 132 and a low of Rs 126.50 so far during the day. The stock had hit a 52-week high of Rs 144.80 on 1 September 2017 and a 52-week low of Rs 86.25 on 23 November 2016.
The stock had underperformed the market over the past one month till 5 October 2017, sliding 3.54% compared with the Sensex's 0.68% fall. The stock had, however, outperformed the market over the past one quarter, advancing 12.81% as against the Sensex's 1.11% rise. The scrip had underperformed the market over the past one year, gaining 0.28% as against the Sensex's 11.95% rise.
The small-cap company has equity capital of Rs 10.40 crore. Face value per share is Rs 10.
Majestic Auto said it has shut down its fine blanking division which was a part of its manufacturing business vertical, due to unviable business operations viz. lack of viable orders & profitability.
On a consolidated basis, Majestic Auto reported a net loss of Rs 3.06 crore in Q1 June 2017, compared with net loss of Rs 3.42 crore in Q1 June 2016. Net sales rose 6.9% to Rs 60.42 crore in Q1 June 2017 over Q1 June 2016.
Majestic Auto is a manufacturer of sheet metal components.
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