 "Steel Strips Wheels gains on promoter stake buy")
Steel Strips Wheels has rallied 5% to Rs 435 on the BSE after the auto parts & equipment maker said that the promoter increased its stake in the company via open market purchase.
Chandigarh Developers Private Limited on Friday, June 3, 2016, had purchased 24,949 equity shares representing 0.17% stake of the company through open market, Steel Strips Wheels said in a BSE filing.
Post transaction, total holding of the promoters in the company increased to 59.83% from 59.66% earlier, it added.
As of March 2016, the promoters held 59.17% stake in Steel Strips Wheels, the shareholding pattern data shows.
Meanwhile, in past four trading sessions, the stock rallied 13% from Rs 385 on May 31, after the company reported 13% growth in its total wheel rim sales to 11.52 lakh in May 2016 as compared to 10.20 lakh in May 2015. The S&P BSE Sensex was up 0.59% during the same period.
Steel Strips Wheels said the product mix towards heavier wheel is having its impact on top line of the company and will have its favourable impact of the overall profitability of the company.
The counter has seen huge trading volumes with a combined 59,839 shares changed hands till 11:30 AM, against an average sub 25,000 shares that were traded daily in past two weeks on the BSE and NSE.
The stock hit a 52-week high of Rs 458 on the BSE on December 28, 2015 in an intra-day trade.
Chandigarh Developers Private Limited on Friday, June 3, 2016, had purchased 24,949 equity shares representing 0.17% stake of the company through open market, Steel Strips Wheels said in a BSE filing.
Post transaction, total holding of the promoters in the company increased to 59.83% from 59.66% earlier, it added.
As of March 2016, the promoters held 59.17% stake in Steel Strips Wheels, the shareholding pattern data shows.
Meanwhile, in past four trading sessions, the stock rallied 13% from Rs 385 on May 31, after the company reported 13% growth in its total wheel rim sales to 11.52 lakh in May 2016 as compared to 10.20 lakh in May 2015. The S&P BSE Sensex was up 0.59% during the same period.
Steel Strips Wheels said the product mix towards heavier wheel is having its impact on top line of the company and will have its favourable impact of the overall profitability of the company.
The counter has seen huge trading volumes with a combined 59,839 shares changed hands till 11:30 AM, against an average sub 25,000 shares that were traded daily in past two weeks on the BSE and NSE.
The stock hit a 52-week high of Rs 458 on the BSE on December 28, 2015 in an intra-day trade.
