Shares of HIM Teknoforge surged up over 19% on Thursday morning to hit a new 52-week high of ₹174.
What Happened: The massive surge today comes as a company called Rare Enterprise picked up a stake in the micro-cap stock. As per BSE data, Rare Enterprises bought 90,006 shares of the company through a block deal on Nov. 29.
However, Rare Enterprises is a company owned by the Jhunjhunwala family founded in 2003 by Rakesh Jhunjhunwala. The company also issued a clarification earlier today that it has no interest or connection whatsoever with dealings in HIM Teknoforge. The entity ‘Rare Enterprise' has no connection with Rare Enterprises or any other group firm of the Jhunjhunwala family.
With a market cap of around ₹150 crore, the micro-cap company is a manufacturer and supplier of a wide variety of quality forgings and machined components like gears, axles, shafts, spider kits and repair kits.
It commenced production in 1982 with a forging unit at Baddi, Himachal Pradesh, which was set up to supply quality forgings in bulk to various original equipment manufacturers as well as Railways, Aftermarket and Exports.
Earlier this month, the company posted its results for the quarter ended September. The company’s net profits for the July-September period went down 47% year-over-year to ₹1.45 crore.
Price Action: HIM Teknoforge’s share price was up 13.16% to trade at ₹166 in the early hours of trading on Thursday.
Read Next: Why Nykaa Shares Are Climbing Today
Editor’s Note: The copy has been updated to reflect the clarification issued by the Jhujhunwala family-owned company. The editorial team apologises for the errors in the previous version of the story.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.