Tinna Rubber and Infrastructure saw shares surge over 6% on Wednesday to hit an intraday high of ₹494.95. As per the latest shareholding data, seasoned investor Dolly Khanna owns a 1.41% stake in the company.
What Happened: Today’s surge occurs as the Indian Oil Corporation has awarded the integrated waste tyre recycler a two-year contract for supplying Crumb Rubber Modifier (CRM) on a rate contract basis. The ₹107.5 crore contract is for IOCL plants at Mathura and Haldia. The company said that the current order is an "over 50% growth in total value from the previous contract".
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The stock was trading lower on Wednesday but soared as soon as the announcement was made at around 12:20 pm today. The company’s board plans to meet on May 24 to reveal the earnings for the March quarter and also discuss dividend payout.
Khanna cut her stake from 1.62% to 1.41% in the March quarter. With today’s surge, the value of her holding in the company is around 5.96 crore. Shares of the company have gone up over 14% in the last month. In the past year, the company’s share price has gone up over 40%.
Price Action: Tinna Rubber’s share price was up 2.58% to trade at ₹476 in the afternoon hours of trading on Wednesday.
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