Rico Auto Industries fell 2.64% to Rs 44.30 after the company said it closed a joint venture with Singapore's Ultra Fairwood to manufacture different variants of e-vehicles due to lack of clear policies of the Government.
In December 2017, Rico Auto Industries informed about the execution of a joint venture agreement with Ultra Fairwood, Singapore to manufacture PODs (autonomous electric vehicles to be run on dedicated track) for personal and group rapid transport or any variant thereof.However, the joint venture agreement could not materialize due to lack of clear policies of the government. Hence, the project initiated under above agreement has been closed. The announcement was made after market hours yesterday, 16 September 2019.
Shares of Rico Auto Industries fell 3.80% in two trading sessions to its current market price of Rs 44.30, from a recent closing high of Rs 46.05 on 13 September 2019.
On BSE, 38,000 shares were traded in Rico Auto Industries counter, compared to a 2-week average of 79,000 shares. The stock hit an intraday high of Rs 46.85 and an intraday low of Rs 44.25.
It hit a 52-week high of Rs 81 on 17 September 2018 and a 52-week low of Rs 34.60 on 23 August 2019.
Rico Auto Industries' consolidated net profit fell 77.8% to Rs 4.18 crore on a 4.6% increase in net sales to Rs 365.32 crore in Q1 June 2019 compared with Q1 June 2018.
Rico Auto Industries is engaged in the manufacturing of clutch and crank case. The firm is engaged in the manufacturing and sale of auto components for two wheelers and four wheelers.
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