Shares of Shriram Pistons & Rings hit its upper circuit in early trade on December 21 after Ace investor Sunil Singhania-backed Abakkus picked up a stake of Rs 326.01 crore in the company.
A series of Abakkus funds purchased 29.54 lakh equity shares or around 6.7 percent stake in the company at a price of Rs 1,103.6 per share on December 20.
As of 9.20, Shriram Pistons & Rings shares were trading higher by 5 percent, hitting their upper price band at Rs 1,216.65 on the NSE.
AL Mehwar Commercial Investments bought 4.36 lakh shares at the same price, but K S Kolbenschmidt GMBH sold 39 lakh equity shares or 8.9 percent stake in the company at the same price, amounting to Rs 430.4 crore.
The 39 lakh shares traded in a single day significantly surpassed the counter’s 30-day moving average of approximately 189,000 shares.
Abakkus Growth Fund-1, Abakkus Emerging Opportunities Fund-1, Abakkus Growth Fund-2, and Abakkus Asset Manager LLP were the funds that purchased the shares.
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The firm's total revenue clocked in at Rs 750.08 crore for the July-September quarter, higher by 15.01 percent year-on-year from Rs 652.19 crore in the corresponding quarter in the previous year. The quarterly net profit came in at Rs 114.65 crore, up 57.1 percent on-year.
In the recent quarter, the promoter shareholding remained unchanged at 46.75 percent. The public holds 43.9 percent of the total shares, while DIIs have a shareholding of 9.3 percent in the firm.
Shriram Pistons shares have more than doubled investors' wealth so far in 2023, rising 101 percent, as compared to the frontline index Nifty 50 that has risen around 15.6 percent during the same time period.
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