Hind Rectifiers zooms 37% in 2 days after Cassini Partners buys stake in co

On Wednesday, August 25, 2021, Cassini Partners L.P. purchased 98,612 equity shares, representing 0.59% of total equity of Hind Rectifiers at a price of Rs 181.90 per share via block deal on the NSE

Shares of Hind Rectifiers hit a 52-week high of Rs 209.90 as they rallied 13 per cent on the National Stock Exchange (NSE) in intra-day trade on Thursday, up 37 per cent in the past two trading days, after the foreign portfolio investor Cassini Partners L.P. bought nearly 1 million shares of the company via the open market.

On Wednesday, August 25, 2021, Cassini Partners L.P. purchased 98,612 equity shares, representing 0.59 per cent of the total equity of Hind Rectifiers at a price of Rs 181.90 per share via block deal on the NSE, the exchange data shows. The name of the seller could not be ascertained immediately.

Hind Rectifiers is engaged in developing, designing, manufacturing and marketing of power semiconductors, power electronic equipment and railway traction equipment.

The government has aggressively targeted increased electric locomotive production and electrification of routes and modernisation of Railways facilities. All existing production units of Indian Railways have been asked to manufacture electric locos instead of diesel due to increased demands of railways. The coach production from various production units is also expected to increase during the current year to compensate for the production loss of the last year due to Covid-19.

Hind Rectifiers in the financial year 2020-21 (FY21) annual report said the company continues to focus on the development of new products for railways and also for other applications. The company also continues to expand its product range by way of developing the product in house which will help further improve the performance. The demand from railways continues to be good and the company has a healthy order booking for the financial year 2021-22, it said.

At 10:33 am, the stock was trading 9.5 per cent higher at Rs 202 on the NSE, as compared to a 0.22 per cent rise in the Nifty50 index. A combined 1.9 million equity shares had changed hands on the counter on the NSE and BSE so far.