Craftsman Automation was trading almost percent higher in the morning trade on June 23, a day after a group promoter sold 8 lakh shares in a block deal.
S Murali sold the shares at an average price of Rs 3,960. Prominent investors who picked up Murali’s stake were Goldman Sachs, Axis Mutual Fund and Tata Emerging Asia Liquid Fund.
Murali is a financial investor in Craftsman Automation and the brother of promoter and managing director S Ravi. Murali resigned as the director of the company in 2010.
Motilal Oswal has a “buy” rating on the stock at a target price of Rs 3,950. “Business in aluminium division is likely to grow due to ramp up in order from Stellantis in 3Q. Further, the company is going through the validation phase for the supply of a critical part for one of the domestic SUV that is likely to start from Jul’23,” it said.
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Craftsman hit a 52-week high of Rs 4,139 on June 19 after the company turned ex-dividend of Rs 11.25 a share for FY23.
At 10.21 am, the stock was up 0.72 percent at Rs 4,022 on the National Stock Exchange. The automotive parts company has given 14 percent returns since the start of 2023.
The automobile parts companies’ revenue increased 43 percent year-on-year to Rs 3,195 crore in the financial year 2023. Its net profit grew 52 percent to Rs 248 crore. Operating profit margins fell 261 basis points to 21.40 percent. One basis point is a hundredth of a percentage point.
Craftsman Automation produces gears, heavy parts, sheet metal equipment, special purpose machines, engineered components and assembly and serves customers in India.
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