6 auto ancillaries stocks hit new highs on strong Q2 results
The aggregate net profit of these 6 companies increased by 65% to Rs 132 crore in Q2FY18 against Rs 80 crore in the same quarter last year.
Automobile Corporation of Goa locked in upper circuit of 20% at Rs 1,077 on the BSE with no sellers seen on the counter. The trading volumes on the counter more than doubled with 33,000 shares changed hands. There were pending buy orders for 9,360 shares at 02:10 PM.
Since October 30, the stock zoomed 49% from Rs 425 after the company reported 51% year on year (Y-o-Y) growth in net profit at Rs 7.74 crore in Q2FY18. It had profit of Rs 5.14 crore in a year ago quarter.
Minda Industries up 7% to Rs 1,174, extending its 15% gain in past six trading sessions, after reported 73% YoY jump in its consolidated net profit at Rs 73 crore in Q2FY18.
The company’s consolidated revenue grew by 23% YoY at Rs 1,098 crore, primarily driven by improvement in performance of Minda Kosei, MJ Castings and Rinder India. EBITDA (earnings before interest, taxes, depreciation and amortization) margin expanded 162 bps to 12.4% during the quarter. Minda Industries said improvement in margins on account of higher efficiency & operating leverage.