Small Cap Stock Rockets 10% After SBI Mutual Fund Picks Up Stake

Shares of Savita Oil Technologies surged up over 10% to hit an intraday high of ₹454.70 on Tuesday morning.

What Happened: The massive surge today comes as exchange data showed that SBI Mutual Fund acquired 20.73 lakh shares, equivalent to 2.9% of the company’s equity. The acquisition was done through a bulk deal on the NSE on March 22. The average price of the deal was ₹408.

In this transaction, Mehra Syndicate, one of the promoter entities, acted as the seller. Before this recent transaction, the promoters of Savita Oil Technologies held a 71.92% stake in the company, as per the December shareholding pattern.

See Also: Tata Stock Has Slumped 12% This Year, Brokerage Sees Further 30% Slide

Established in 1961, Savita Oil Technologies Limited is a leading manufacturer of speciality petroleum products. Its diverse product portfolio encompasses transformer oils, liquid paraffin, white oils, automotive and industrial lubricants, coolants, and greases, among others.

Headquartered in Mumbai, the company prides itself on its world-class manufacturing facilities located in Maharashtra and Silvassa, a Union Territory comprising Dadra and Nagar Haveli and Daman & Diu.

Price Action: Shares of Savita Oil were up 6.63% to trade at ₹440 on Tuesday afternoon.

Read Next: Why Maruti Suzuki’s Share Price Is Tanking Today

Market News and Data brought to you by Benzinga APIs

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.

Posted In: EquitiesMarketsMoversTrading IdeasSavita Oil