Timken India zooms 10% to new high on heavy volumes

Timken India has surged 10% to Rs 258, also its lifetime high, on the back of huge volumes.

As many as 1.1 million shares have changed hands on the counter till 1028 hours, against an average around 478,000 shares traded daily in past two weeks.

According to market buzz, the US-based Timken Company is planning to buy back shares with an intention to delist its local arm Timken India from bourses. The foreign parent holds an 80% in the Indian subsidiary.