Suprajit Engineering hits upper circuit after HDFC MF hikes stake

Suprajit Engineering hit an upper circuit limit of 10% at Rs 121.85 after HDFC Mutual Fund on Tuesday (31 March) bought 30 lakh shares, or 2.14% stake, in the company at Rs 113.50 each on the NSE.

HDFC Mutual Fund purchased the stake for HDFC Small and Mid-Cap fund.

National Westminster Bank Plc (as depositary of First State Asia Pacific Fund A) sold 25,00,932 shares of Suprajit Engineering at Rs 113.50 each on the NSE on Tuesday (31 March).

On 27 March 2020, HDFC Mutual Fund purchased 30 lakh shares (2.14% equity) in Suprajit Engineering at Rs 122 each.

The scrip also witnessed some bit of bargain hunting. In three sessions, the stock has fallen 4.25% to end at Rs 112.60, from a recent closing high of Rs 117.60 recorded on 26 March 2020.

On a consolidated basis, the company's net profit fell 20.4% to Rs 31.19 crore on a 1.6% rise in net sales to Rs 412.28 crore in Q3 December 2019 over Q3 December 2018.

Suprajit Engineering is engaged in the business of manufacturing of auto components consisting mainly control cables, speedo cables and other components for automobiles.

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