Automotive Stampings and Assemblies Ltd, a Tata group company, saw its shares open at Rs 296.85 levels and gain as much as 10 percent to reach an intraday high of Rs 325.95 levels till the afternoon.
Automotive Stampings and Assemblies Limited (ASAL), is a subsidiary of Tata Autocomp Systems Limited. The company manufactures and supplies sheets, metal components, welded assemblies, and modules for automobiles.
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 multifold from Rs 0.38 Crores in Q3FY22. In the previous quarter, their net profits stood at Rs 2.17 Crores.
On the contrary, the stock gained after it has been on a downward trend and has shed more than 8 percent in a month and more than 37 percent in the past six months.
The small-cap Tata group enterprise has a market capitalization of Rs 496 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
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