Kirloskar Oil Engines hits 52-week high; stock soars 18%

The stock soared 18% to Rs 450, also its 52-week high on the BSE in early morning trade.

Kirloskar Oil Engines soared 18% to Rs 450, also its 52-week high on the BSE in early morning trade, on reports that the Cummins Group is eying controlling stakes in auto parts & equipment Company.

The Cummins Group, one of the world’s largest manufacturers of engines and power generation products, is in talks to acquire a controlling stake in Kirloskar Oil Engines in a deal valued at over $500 million through one of its Indian subsidiaries, Livemint reported quoting two people aware of talks between the companies.

At 09:28 AM; Kirloskar Oil Engines was trading 12% higher at Rs 426 on the BSE. A combined 142,976 shares changed hands on the counter on the BSE and NSE so far.

Cummins India was up 3% at Rs 900, after hitting high of Rs 906 in intra-day trade. On comparison the S&P BSE Sensex was trading marginally higher by 0.07% at 33,962 points.