Sterling Tools spurts after bulk deal

Sterling Tools gained 5.56% to Rs 233.50 at 14:34 IST on BSE, after a bulk deal of 3 lakh shares was executed on the scrip at Rs 233 per share at 13:03 IST on BSE.

Meanwhile, the S&P BSE Sensex was down 56.36 points, or 0.19% to 29,650.25

Bulk deal boosted volume on the scrip. On BSE, so far 3.44 lakh shares were traded in the counter as against an average daily volume of 5,565 shares in the past one quarter. The stock hit a high of Rs 235 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 220.60 so far during the day. The stock had hit a 52-week low of Rs 86.20 on 2 June 2016.

The stock had outperformed the market over the past one month till 7 April 2017, surging 6.14% compared with 2.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 16.69% as against Sensex's 11.01% rise.

The small-cap company's equity capital is Rs 6.84 crore. Face value per share is Rs 2.

Sterling Tools' net profit rose 85.69% to Rs 12.59 crore on 1.32% rise in total income to Rs 87.28 crore in Q3 December 2016 over Q3 December 2015.

Sterling Tools is engaged in the manufacturing and marketing of high tensile cold forged fasteners. Over the years, it has become one of the leading OEM suppliers in India with a client base that spans leading automotive companies in India, Europe and USA.

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