Dynamatic Tech zooms 31% in 2 days after HNIs buy stake in company

Madhusudan Kela and Sunil Singhania bought a combined 169,700 equity shares of Dynamatic Technologies via open market on Tuesday

Shares of Dynamatic Technologies moved higher by 9.6 per cent at Rs 2,178, and bounced back 15 per cent from the intra-day low of Rs 1,901, in an otherwise weak market on the BSE on Wednesday. In comparison, the S&P BSE Sensex was down 0.33 per cent at 54,378 points at 12:37 pm.

The stock of the industrial machinery company has zoomed 31 per cent in the past two trading days after high networth individuals (HNIs) and renowned fund managers Madhusudan Kela and Sunil Singhania bought a stake in Dynamatic Technologies via open market on Tuesday.

On August 10, Madhusudan Kela bought 44,700 shares of Dynamatic Technologies at price of Rs 1,618.9 per share through a bulk deal on the BSE, while Sunil Singhania’s investment firm Abakkus Asset Manager bought 125,000 shares of the company at Rs 1,617 apiece through a bulk dea, exchange data shows.

Meanwhile, Udayant Malhoutra and Wavell Investments Private, the promoters of Dynamatic Technologies have collectively sold 250,000 equity shares, representing 3.94 per cent of the stake in the company, via open market, according to disclosures made by the company. CLICK HERE FOR MORE DETAILS

As of June 30, 2021, the promoters held 48.78 per cent holding in Dynamatic Technologies. Of the 51.22 per cent stake held by public shareholders, foreign portfolio investors held 11.60 per cent stake, followed by individual shareholders (26.42 per cent), mutual funds (7.02 per cent) and bodies corporate (4.04 per cent), the shareholding pattern data shows.

Dynamatic Technologies designs and builds highly engineered products for automotive, aerospace, hydraulic and security applications at its facilities in Europe and India. Dynamatic is a demonstrated leader for the development of exacting airframe structures and precision aerospace components for major global aerospace companies.