 "Phoenix Lamps hits 52-week high after Motilal Oswal AMC buys stake")
Phoenix Lamps has rallied to its 52-week high of Rs 146, up 8% on the National Stock Exchange (NSE) after Motilal Oswal Asset Management Company (AMC) bought equity stake in the company through open market.
On Wednesday, June 8, Motilal Oswal Asset Management Company (AMC) had bought 153,212 shares of Phoenix Lamps at an average price of Rs 132.16, the NSE bulk deal data shows.
The board of directors of Phoenix Lamps and Suprajit Engineering at their respective meetings held on April 18, 2016 approved a draft scheme of amalgamation of company with Suprajit Engineering, the holding company of the company.
Accordingly, shareholders of Phoenix Lamps will get four shares of Suprajit Engineering for every five shares held in the company.
The proposal is currently under process with Bombay Stock Exchange and SEBl, Phoenix Lamps said while announcing March quarter results on May 28, 2016.
At 11:34 AM, the stock of Phoenix Lamps was up 6% at Rs 143 on the NSE as compared to 0.62% fall in the Nifty 50 index. The trading volumes on the counter more than doubled with a combined 570,405 shares changed hands on the NSE and BSE so far.
Suprajit Engineering was trading 1.7% higher at Rs 186, too touched 52-week high of Rs 190 on the NSE in intra-day deal.
On Wednesday, June 8, Motilal Oswal Asset Management Company (AMC) had bought 153,212 shares of Phoenix Lamps at an average price of Rs 132.16, the NSE bulk deal data shows.
The board of directors of Phoenix Lamps and Suprajit Engineering at their respective meetings held on April 18, 2016 approved a draft scheme of amalgamation of company with Suprajit Engineering, the holding company of the company.
Accordingly, shareholders of Phoenix Lamps will get four shares of Suprajit Engineering for every five shares held in the company.
The proposal is currently under process with Bombay Stock Exchange and SEBl, Phoenix Lamps said while announcing March quarter results on May 28, 2016.
At 11:34 AM, the stock of Phoenix Lamps was up 6% at Rs 143 on the NSE as compared to 0.62% fall in the Nifty 50 index. The trading volumes on the counter more than doubled with a combined 570,405 shares changed hands on the NSE and BSE so far.
Suprajit Engineering was trading 1.7% higher at Rs 186, too touched 52-week high of Rs 190 on the NSE in intra-day deal.