Elgi Equipments spurts on fund buying

Elgi Equipments surged 7.39% to Rs 146.85 at 10:44 IST on BSE as Nalanda India Equity Fund bought a total of 34.55 lakh equity shares of the company in bulk deals on the BSE and NSE at an average price of Rs 121.50 per share yesterday, 8 October 2015

Meanwhile, the S&P BSE Sensex was up 308.28 points or 1.15% at 27,154.09.

On BSE, so far 1.92 lakh shares were traded in the counter as against average daily volume of 2.56 lakh shares in the past two weeks.

The stock hit a high of Rs 149 and a low of Rs 138 so far during the day. The stock had hit a record high of Rs 174.80 on 4 March 2015. The stock had hit a 52-week low of Rs 118.65 on 11 September 2015.

Nalanda India Equity Fund bought 18.05 lakh shares of Elgi Equipments at an average price of Rs 121.50 per share in a bulk deal on BSE yesterday, 8 October 2015. It has also purchased 16.50 lakh equity shares at Rs 121.50 per share in a bulk deal on NSE.

On consolidated basis, Elgi Equipments' net profit rose 6% to Rs 13.73 crore on 1% growth in net sales to Rs 325.08 crore in Q1 June 2015 over Q1 June 2014.

Elgi Equipments manufactures air compressors and automobile service station equipment.

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