Tega Industries Ltd’s share jumped 2 percent in the morning trade on June 20 after promoters off loaded a 4.1 percent stake in the mining and material handling equipment manufacturer.
Promoters offloaded the stake to comply with the Securities and Exchange Board of India (SEBI) rule of minimum public shareholding, which says that the public holding should be 25 percent within three years of listing.
Nihal Fiscal Service sold 7.24 lakh shares through open market at an average price of Rs 907 a share and Mehul Mohanka offloaded 20 lakh shares at Rs 907.02 apiece.
Tata AIA Life Insurance Company, which acquired 4.01 lakh of these shares, got them at an average price of Rs 907.42 a share.
As on June 15, 2023, the aggregate promoter and promoter group shareholding was 79.1 percent of the total paid-up equity share capital of the company. It needs to be brought down to 75 percent after three years of listing.
At 11.21 am, the stock was trading 1.85 percent higher at Rs 941.95 on NSE.
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Brokerage views
LKP Research is bullish on Tega Industries and has a “buy” rating on the stock with a target price of Rs 945. Tega Industries reported better-than-expected results and sustained strong momentum in Q4FY23. Despite the challenging global macro environment, performance has been strong, it said in a recent report.
“Net sales for Q4FY23/FY23 were at Rs 3.9bn (+36.7% YoY)/12.1 bn (+27.6%) with strong growth seen across all regions. EBITDA margins expanded by 217bps/306bp YoY for Q4FY23/FY23 to 25.9%/22.3%. Higher operating leverage led to PAT growth of 58%/57.4% YoY for Q4FY23 and FY23. Volumes grew 15-16% YoY for FY23,” it said.
Tega Industries Ltd stock has given a return of 55.89 percent over the last six months against Nifty's 2.01 percent over the same duration.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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