Diamond Power jumps after Kotak Mahindra Bank buys stake

Diamond Power Infrastructure gained 14.83% to Rs 27.10 at 09:43 IST on BSE after Kotak Mahindra Bank said that its subsidiary has acquired 6.8% stake in the company.

The announcement was made after market hours yesterday, 6 April 2016.

Meanwhile, the S&P BSE Sensex was down 180.40 points or 0.72% at 24,724.16

On BSE, so far 1.71 lakh shares were traded in the counter as against average daily average volume of 38,538 shares in the past one quarter. The stock hit a high of Rs 27.95 and a low of Rs 26.05 so far during the day. The stock had hit a 52-week high of Rs 60.40 on 15 April 2015. The stock had hit a 52-week low of Rs 22.05 on 29 March 2016.

The small-cap company has equity capital of Rs 57 crore. Face value per share is Rs 10.

Kotak Mahindra Bank said that its subsidiary, Kotak Mahindra (International) (KMIL), a foreign portfolio investor (FPI), has acquired 38.68 lakh equity shares, or 6.8% stake, in Diamond Power Infrastructure at Rs 23.65 per share, aggregating to Rs 9.16 crore.

On consolidated basis, Diamond Power Infrastructure reported net loss of Rs 50.49 crore in Q3 December 2015, higher than net loss of Rs 29.67 crore in Q3 December 2014. Net sales fell 20% to Rs 492.23 crore in Q3 December 2015 over Q3 December 2014.

Diamond Power Infrastructure is an integrated manufacturer of power transmission equipment and engineering, procurement and construction (EPC) player.

Powered by Capital Market - Live News