This Vehicle Ancillary Stock has Risen 19% in Could1 min read
By Aditya Raghunath
Investing.com — While a whole lot of eyes have been targeted on substantial automobile firms and their outcomes, one particular inventory in the automobile ancillary sector has quietly been climbing up the price tag chart. Jamna Auto Industries Ltd (NS:) has acquired just about 19% in May well so much.
Jamna Vehicle is the major manufacturer of tapered leaf and parabolic springs for industrial automobiles (CVs) in India and is a provider to practically all big vehicle organizations for the very last 30 years. The March quarter observed the promoters reduce the selection of shares pledged to 2.72% from 4.54%. International institutional investors (FIIs) and domestic institutional buyers (DIIs) increased their stakes from 6.5% to 6.7% and 7.9% to 8.8% respectively.
At the stop of April, ranking agency ICRA (NS:) revised Jamna Auto’s credit history rating upward to a prolonged-phrase ranking at AA- and the quick-phrase ranking at A1+. The credit ranking assigned to professional paper was reaffirmed at A1+.
The stock has been a rank outperformer in the vehicle ancillary phase in current months, moving from Rs 61 on December 31, 2020 to Rs 81 on May 24, a attain of 32%.
An fascinating element about Jamna inventory is that even though the relaxation of the automobile sector corrected downwards, this inventory moved sideways. It has been a notably robust performer in May possibly, gaining 19%.