Swaraj Engines firms up after M&M hikes stake

Swaraj Engines rose 2.09% to Rs 1,444.00 at 11:36 IST on BSE after Mahindra & Mahindra purchased additional shares in the company.

Meanwhile, S&P BSE Sensex was down 112.03 points or 0.28% at 40,155.59.

On BSE, 300 shares were traded in Swaraj Engines counter, compared to a 2-week average of 232 shares. The share price hit an intraday high of Rs. 1455.45 and an intraday low of Rs 1435.00. It hit a 52-week high of Rs 1968 on 4 June 2018 and a 52-week low of Rs 1256.35 on 14 February 2019.

Mahindra & Mahindra (M&M) purchased 1.77 lakh equity shares, or 1.46% stake, of Swaraj Engines at Rs 1,387 each. Jupiter India Fund sold 1.77 lakh shares of Swaraj Engines at Rs 1,387 each. Both the transactions took place on NSE yesterday, 3 June 2019.

Post transaction, M&M's stake in Swaraj Engines increased to 34.76% from 33.30% earlier.

Swaraj Engine's net profit declined 6.8% to Rs 16.65 crore on a 3.4% rise in net sales to Rs 191.47 crore in Q4 March 2019 over Q4 March 2018.

Swaraj Engines makes diesel engines and hi-tech engine components.

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