Suprajit Engineering gains after completing Phoenix Lamps acquisition

Suprajit Engineering rose 2.95% to Rs 129 at 10:05 IST on BSE after the company said it completed the acquisition of 51% stake in Phoenix Lamps on 18 June 2015.

The announcement was made after market hours yesterday, 18 June 2015.

Meanwhile, the BSE Sensex was up 171.27 points, or 0.63%, to 27,287.10.

On BSE, so far 4,483 shares were traded in the counter, compared with an average volume of 3,727 shares in the past two weeks.

The stock hit a high of Rs 131 and a low of Rs 126.80 so far during the day. The stock hit a 52-week high of Rs 170.15 on 21 January 2015. The stock hit a 52-week low of Rs 100 on 27 June 2014.

Suprajit Engineering further reported that the open offer related activities are progressing as per plan.

Net profit of Suprajit Engineering declined 18.44% to Rs 10.79 crore on 1.79% rise in net sales to Rs 132.49 crore in the quarter ended March 2015 over the quarter ended March 2014.

Suprajit Engineering is India's largest manufacturer of automotive cables with a capacity of over 150 million cables a year.

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