SKF India rolls ahead on buyback news

DALAL STREET SPIKES

SKF India hit a 20 per cent high of Rs 199.30 in the intra-day trading following the parent company SKF Sweden's announcement to buy the remaining equity and delist the Indian company.

Rumours suggested that the buyback price would be above Rs 200 per share. The stock finally closed at Rs 188,65, up 13.57 per cent, with investors aggressively buying into the stock.

The counter witnessed volumes of more than 5.5 lakh shares on BSE alone. SKF Sweden currently owns 53.96 per cent stake in SKF India.

SKF Sweden on Thursday said buying the remaining shares will allow it to integrate SKF India with the rest of the company and increase operational flexibility. The stock has been on a roll in the past few days. From Rs 134.80 on 24 January 2005, the stock gained nearly 43 per cent to today's intra day high Rs 199.30