Drop in sales affecting Dynamatic Technologies' performance at Dalal street

Dynamatic Technologies, a maker of defense equipment, fell to 7-month lows after the company's reported a higher quarterly loss on the back of slowing sales.

Dynamatic Tech said its first quarter net loss jumped 59 percent to 10.2 crore rupees from 6.41 crore rupees in the same period a year ago. Sales during April-June were down 8.6 percent to 101.7 crore rupees versus 111.3 crore rupees.

Dynamatic, which makes airframes for helicopters and high-end hydraulics, fell 299 rupees, or 10 percent, to 2,656 rupees on the National Stock Exchange, where 36,500 shares were traded compared with the 5-day average of 3,200 lakh shares.

Dynamatic has been one of the favourites in the current market rally in April. The stock briefly hit 4,000 rupees a share. Its market capitalisation is still up 56 percent to 1,687 crore rupees in the past one year. The stock trades at 7.1 times its book value of 374 rupees.

(Image credits: Indiatimes)