ACGL in the green

Automobile Corporation of Goa is a JV between Tata Motors and Goa Govt. Tata Motors holds 46.44% and EDC, a financial institution established by the Government of Goa to promote industrial investment within the State, holds a small 6.31% stake.

Today, the stock price spurted almost 12% to Rs.810 with robust volumes. This exuberance on the counter was on the back of its excellent performance for Q2FY18.

Thanks to the robust 28.5% (YoY) rise in total income, the company could end the quarter with a healthy 51% jump in net profit at Rs.77 crore. An exceptional income of Rs.3 crore also helped.

The company ended H1FY18 with a net profit at Rs.13.50 crore and this is 64% of FY17 net profit of Rs.21 crore; if the same momentum continues in the remaining two quarters, it could well end FY18 on a bumper note.

Its equity is small at Rs.6.42 crore and reserve at a healthy Rs.190 crore.