ALSO READHFCL hits fresh 52-week high after exit from CDR mechanism HFCL zooms 32% in two days after Grantham Mayo Van picks up stake Street signs: Big investors getting into HFCL 66 stocks gain over 50% in 1-month; Future Market, Bombay Dyeing zoom 100% MIRC Electronics zooms 44% in two days post Q1 results
HFCL hit an over nine-year high of Rs 35.95, up 10%, extending its 17% surge in past two trading sessions after the company said it was no longer under the Corporate Debt Restructuring (CDR) mechanism. The stock was trading at its highest level since February, 2008.
“The successful exits of the account of HFCL from CDR mechanism stands approved on receipt on confirmation from IDBI Bank, the Monitoring Institution (MI) that the directions stipulated in CDR-EG held on February 22, 2016 have been compiled with,” Corporate Debt Restructuring Cell in its decision.
Thus far in September, the stock has been more than doubled from Rs 17.90 on July 31, 2017.
On September 6, 2017 Grantham Mayo Van Otterloo - Emerging Markets Quality Fund bought another 11.08 million equity shares representing 0.89% of total holding of HFCL at Rs 23.92 on the NSE. On September 7, 2017, it purchased an additional 8.75 million shares of the company at Rs 28.13 per share, the NSE bulk deal data shows.
HEG, the company engaged in graphite electrode business, too locked in upper circuit of 10% at Rs 900, also its record high on BSE. The stock rallied 33% in past three trading days as the company expects recent industry consolidation in graphite electrode industry is to improve capacity utilization, going forward.
MIRC Electronics, too, hit fresh 52-week high of Rs 26.57, up 10% on BSE, extending its 44% surge in past two trading sessions after reported good set of numbers in June quarter.
The company engaged in consumer electronics business on Wednesday reported nearly four-fold jump in net profit at Rs 4.50 crore in June quarter (Q1FY18). It had reported a profit of Rs 1.16 crore in a year ago quarter.