Tata group stock jumps 10% after reporting multifold rise in Q3 profits
The shares of Automotive Stampings and Assemblies Limited, a Tata group company, opened at Rs 349.70 and gained as much as 10 percent in the early hours on Friday to reach an intra-day high of Rs 383.
The scrip jumped as the company reported strong earnings. In Q3FY23, the total income of the company stood at Rs 193.54 Crore, a jump of 19 percent Year on Year from Rs 162.58 Crore. On a sequential basis, their revenue declined by 11 percent from Rs 216.46 Crore.
Their net profit in the period stood at Rs 2.03 Crore which increased multi-folds from Rs 0.38 Crores in Q3FY22. In the previous quarter, their net profits stood at Rs 2.17 Crores.
Automotive Stampings and Assemblies Limited (ASAL), is a subsidiary of Tata Autocomp Systems Limited. The company manufactures and supplies sheet metal components, welded assemblies, and modules for automobiles.
The shares of the company have been on a downward trend. In the past six months, it has declined by more than 21 percent. On a yearly basis, the stock has shed more than 30 percent.
The small-cap Tata group enterprise has a market capitalization of Rs 574 Crores. Tata Autocomp Systems, the promoter, holds a 75 percent share in the company while the remaining 25 percent stake is held by the public.
In addition to that, the company remains undervalued in the market. The TTM Price to Earnings (PE) ratio of the company is at 8.82 while the sectoral PE is 30.81.
Written by Anoushka Roy
The post Tata group stock jumps 10% after reporting multifold rise in Q3 profits appeared first on Trade Brains.
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