Sanghvi Movers hit an upper circuit limit of 5% to Rs 149.50 at 11:50 IST on BSE after HDFC Mutual Fund acquired 1.15% stake in the company through bulk deal on NSE on Wednesday, 25 June 2014.
Meanwhile, the BSE Sensex was down 148.27 points, or 0.59%, to 25,165.47.
On BSE, so far 23,000 shares were traded in the counter, compared with an average volume of 18,579 shares in the past one quarter.
The stock hit a high of Rs 149.50 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 147.80 so far during the day. The stock hit a 52-week low of Rs 34.50 on 22 August 2013.
The stock had outperformed the market over the past one month till 25 June 2014, rising 25.41% compared with 2.51% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 115.76% as against Sensex's 14.77% rise.
The small-cap company has an equity capital of Rs 8.66 crore. Face value per share is Rs 2.
On Wednesday, 25 June 2014, HDFC Mutual Fund AC HDFC Prudence Fund bought 4.96 lakh shares of Sanghvi Movers at Rs 141.49 each on NSE.
Simultaneously, Visu Associates sold 5.63 lakh shares of Sanghvi Movers at Rs 141.50 each on the NSE.
Sanghvi Movers reported net loss of Rs 1.43 crore in Q4 March 2014 as against net profit of Rs 7.02 crore in Q4 March 2013. Net sales declined 13.20% to Rs 68.33 crore in Q4 March 2014 over Q4 March 2013.
Sanghvi Movers is the largest crane rental company in India and ranked 8th largest in the world by Cranes International (June 2013 Issue). The company's scope of work includes implementation of turnkey projects, providing of well-maintained equipment, expert technical services and skilled manpower.
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