Carborundum Universal scales record high on fund buying

Carborundum Universal jumped 9% to Rs 206.50 at 11:53 IST on BSE after HDFC Mutual Fund bought 0.53% stake in the company on Tuesday, 2 September 2014.

Meanwhile, the S&P BSE Sensex was up 89.63 points or 0.33% at 27,109.02

On BSE, so far 3.36 lakh shares were traded in the counter as against average daily volume of 45,161 shares in the past one quarter.

The stock hit a record high of Rs 217.10 in intraday trade today, 3 September 2014. The stock hit a low of Rs 195 so far during the day. The stock had hit a 52-week low of Rs 100.10 on 3 September 2013.

The stock had outperformed the market over the past one month till 2 September 2014, rising 11.94% compared with 6.04% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 13.82% as against Sensex's 9.46% rise.

The mid-cap company has equity capital of Rs 18.79 crore. Face value per share is Re 1.

HDFC Mutual Fund under its HDFC Midcap Opportunities Fund bought 10 lakh shares or 0.53% stake in Carborundum Universal at Rs 188 per share in a bulk deal on NSE on Tuesday, 2 September 2014 from Amansa Holdings.

HDFC Trustee Company under its HDFC Mid Cap Opportunities Fund owned 2.38% stake in Carborundum Universal (as per the shareholding pattern as on 30 June 2014). Amansa Capital Pte under Amansa Holdings owned 2.64% stake in Carborundum Universal (as per the shareholding pattern as on 30 June 2014).

Carborundum Universal's consolidated net profit fell 1% to Rs 27.36 crore on 3.1% rise in net sales to Rs 516.02 crore in Q1 June 2014 over Q1 June 2013.

Carborundum Universal is a fully vertically integrated abrasives, electro-minerals, ceramics and refractory company with operations in Australia, Canada, China, India, Middle East, Russia, South Africa, Thailand and the US.

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