Shakti Pumps up 6% on stake hike by promoter

The stock up 6% to Rs 552 on the BSE in noon deal after Vintex Tools Private Limited, promoter of the company, bought 10,194 shares through open market today

Shakti Pumps has moved higher by 6% to Rs 552 on the BSE in noon deal after the company announced that one its promoter bought more than 10,000 equity shares of the company through open market today.

On March 15, 2018, Vintex Tools Private Limited, promoter of the company, has acquired 10,194 shares or 0.05% stake in the company from open market, Shakti Pumps said in the regulatory filing.

Post transaction, Vintex Tools Private Limited holding in the company increased to 2.21% from 2.16% earlier, it added.

As of December 31, 2017, the total promoters holding in Shakti Pumps stood at 47.59%, the shareholding pattern data shows. They hold 45.63% stake at the end of December 2016 quarter.

In past three months, Shakti Pumps outperformed the market by gaining 28% as compared to 1% rise in the Sensex. The stock hit an all-time high of Rs 615 on February 8, 2018 in intra-day trade.

The company reported more than four-fold jump in its consolidated net profit at Rs 167 million in October-December quarter (Q3FY18). It had a profit of Rs 41 million in the same quarter year ago.

Operational revenue of the company during quarter under review increased by 42% to Rs 1,477 million from Rs 1,041 million the corresponding quarter of previous year. EBITDA (earnings before interest, tax, depreciation and amortization) margin improved to 21.17% in Q3FY18 from 15.4% in Q3FY17.

At 01:26 pm; the stock was trading 3.5% higher at Rs 538, as compared to 0.4% decline in the S&P BSE Sensex. A combined 119,492 equity shares changed hands on the counter on the BSE and NSE so far.