Majestic Auto was locked in 20% upper circuit filter at Rs 122.40 at 11:04 IST on BSE after the company's board considered sale of assets not exceeding Rs 300 crore.
The announcement was made after market hours yesterday, 30 August 2017.Meanwhile, the S&P BSE Sensex was down 69.46 points, or 0.22%, to 31,577. The S&P Small-Cap index was up 58.01 points, or 0.37%, to 15,925.75.
On BSE, so far 49,000 shares were traded in the counter, compared with an average volume of 6,357 shares in the past one quarter. The stock opened with an upward gap, surging by the maximum 20% daily circuit and remained locked at the 20% level at Rs 122.40 so far in the day. The stock hit a 52-week high of Rs 132 on 22 March 2017. The stock hit a 52-week low of Rs 86.25 on 23 November 2016.
The stock had underperformed the market over the past one month till 30 August 2017, falling 3.86% compared with 2.85% decline in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 2.95% as against Sensex's 1.63% rise. The scrip had also underperformed the market in past one year, rising 6.31% as against Sensex's 11.23% rise.
The small-cap company has an equity capital of Rs 10.40 crore. Face value per share is Rs 10.
Majestic Auto said that the company's board at its meeting held yesterday, 30 August 2017 considered sale of assets more than the net worth at such time in such form for an amount not exceeding Rs 300 crore.
Majestic Auto's net profit dropped 75.89% to Rs 2.29 crore on 13.57% rise in net sales to Rs 60.69 crore in Q4 March 2017 over Q4 March 2016.
Majestic Auto is presently in the business of manufacturing Fine Blanking Components, Electricals, Auto Components and Bicycles Spokes.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
