SKF India hits 52-week high on fund buying

SKF India rose 1.22% to Rs 669 at 11:12 IST on BSE after a mutual fund bought 0.97% stake in the company on Tuesday, 10 December 2013.

Meanwhile, the S&P BSE Sensex was down 107.53 points, or 0.51%, to 21,147.73

On BSE, so far 1,880 shares were traded in the counter as against average daily volume of 16,475 shares in the past one quarter.

The stock hit a 52-week high of Rs 679 in intraday trade today, 11 December 2013. The stock hit a low of Rs 665.50 so far during the day. The stock had hit a 52-week low of Rs 432.05 on 8 August 2013.

The stock had outperformed the market over the past one month till 10 December 2013, rising 7.3% compared with the Sensex's 2.85% rise. The scrip had also outperformed the market in past one quarter, gaining 31.98% as against Sensex's 6.29% rise.

The mid-cap company has an equity capital of Rs 52.73 crore. Face value per share is Rs 10.

HDFC Equity Fund bought 5.10 lakh shares or 0.97% stake at Rs 664 per share in SKF India through a bulk deal on NSE on Tuesday, 10 December 2013.

SKF India's net profit rose 2.9% to Rs 46.58 crore on 6.1% rise in net sales to Rs 566.04 crore in Q3 September 2013 over Q3 September 2012.

SKF India is a leading global supplier of bearings, seals, mechatronics, lubrication systems, and services, which include technical support, maintenance and reliability services, engineering consulting and training.

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