Alstom T&D turns volatile as promoters to pare stake

Alstom T&D India was up 0.82% to Rs 367.65 at 9:26 IST on BSE after the company said that its promoters received approval from the market regulator to sell 42,565 shares of the firm to maintain the minimum public shareholding requirement.

The announcement was made after market hours yesterday, 16 June 2016.

Meanwhile, the BSE Sensex was up 172.42 points, or 0.65%, to 26,697.88.

On BSE, so far 539 shares were traded in the counter, compared with an average volume of 6.99 lakh shares in the past one quarter. Trading in the counter was volatile. The stock rose 1.28% at the day's of Rs 369.30 in early trade. The stock rose 0.37% at the day's low of Rs 366.30 in early trade. The stock hit a 52-week high of Rs 607.05 on 9 July 2015. The stock hit a 52-week low of Rs 325.75 on 25 May 2016. The stock had outperformed the market over the past one month till 16 June 2016, rising 3.83% compared with 3.19% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 5.35% as against Sensex's 6.30% rise.

The mid-cap company has an equity capital of Rs 51.21 crore. Face value per share is Rs 2.

Alstom T&D India said that the market regulator Securities and Exchange Board of India (Sebi) has allowed the company's promoters to sell 42,565 shares to maintain the minimum public shareholding requirement. According to the statement issued by the company, promoters hold 75.0166% of fully paid up share capital of Alstom T&D India, which exceeds the minimum pubic shareholding threshold of 75%.

Alstom T&D India's net profit fell 44.72% to Rs 29.87 crore on 28.63% decrease in net sales to Rs 971.53 crore in Q4 March 2016 over Q4 March 2015.

Alstom T&D India is a leading player in the power transmission business. It has a predominant presence in all stages of the power supply chain.

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