Kennametal India fell nearly 8 percent intraday to touch a new 52-week low of Rs 680 on Thursday as the parent Kennametal Inc decided to reduce its stake in the company to meet minimum public float norms.
Promoters hold 88.16 percent stake in Kennametal India as on December 31, 2012. Kennametal Inc holds 37.16 percent and Meturit AG 51 percent in the company.
Market regulator SEBI asked all listed companies to increase public shareholding to minimum 25 percent.
Shares rose 6.24 percent to close at Rs 690.45 amid large volumes on Bombay Stock Exchange.
Trading volumes increased 7 times to 13,341 equity shares as against five-day average of 1,870 shares.
Kennametal stock price
On November 24, 2015, Kennametal India closed at Rs 743.50, up Rs 13.50, or 1.85 percent. The 52-week high of the share was Rs 973.00 and the 52-week low was Rs 720.00.
The company's trailing 12-month (TTM) EPS was at Rs 13.86 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 53.64. The latest book value of the company is Rs 164.54 per share. At current value, the price-to-book value of the company is 4.52.
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