6 auto ancillaries stocks hit new highs on strong Q2 results


6 auto ancillaries stocks that hit new highs on strong Q2 results

  Shares of six auto ancillaries companies – ABC Bearings, Automobile Corporation of India, Bharat Gears, Bharat Seats, Minda Industries and Timken India – hit their respective new highs on Tuesday.  These companies reported strong results for the quarter ended September 2017 (Q2FY18).

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.

  Net profit in Rs crore Company 09/2016 09/2017 % chg ABC Bearings 1.45 2.09 44.1 Auto.Corp.of Goa 5.14 7.74 50.6 Bharat Gears -2.81 1.56 - Bharat Seats 3.52 10.24 190.9 Minda Inds. 42.41 73.35 73.0 Timken India 29.86 37.25 24.7         Net profit figures for quarter ended Source : CapitalinePlus
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.

COMPANY LATEST ALL TIME HIGH PREV HIGH PREV DATE ABC BEARINGS 464.00 466.00 450.00 31-Jul-17 AUTO.CORP.OF GOA 1077.05 1077.05 940.00 17-Nov-17 BHARAT GEARS 192.00 212.45 192.45 18-Jul-17 BHARAT SEATS 251.50 264.00 246.90 20-Nov-17 MINDA INDS. 1147.00 1174.00 1099.00 20-Nov-17 TIMKEN INDIA 863.00 921.65 820.85 20-Nov-17