The Anup Engineering jumped 16.10% to Rs 476 after Abakkus Emerging Opportunities Fund acquired 2.02% stake in the company via bulk deals yesterday, 25 September 2019.
Abakkus Emerging Opportunities Fund-1 purchased 1 lakh equity shares, or 0.98% equity, of The Anup Engineering on the BSE and another 1.05 lakh equity shares, or 1.03% equity, on the NSE. Both the deals were struck at Rs 410 per share.Star fund manager Sunil Singhania, quit Reliance Mutual Fund in 2018, to set up Abakkus Asset Manager.
Meanwhile, the S&P BSE Sensex was up 378 points or 0.98% to 38,971.89. The market surged recently after the Finance Minister Nirmala Sitharaman on Friday, 20 September 2019, slashed corporate tax rate to 22% without exemptions. The effective corporate tax rate after surcharge now stands at 25.17%. The step has significant positive implications for corporates' profitability, broader economy and market valuations.
As on 31 March 2019, The Anup Engineering paid corporate tax of 28.58%.
On the BSE, 393 shares were traded in the counter so far compared with average daily volumes of 11,702 shares in the past two weeks. The stock hit an intraday high of Rs 444.95 and an intraday low of Rs 432 so far during the day.
The stock hit a 52-week high of Rs 679.90 on 15 March 2019. The stock hit a 52-week low of Rs 351.40 on 16 May 2019.
The stock had outperformed the market over the past one month, advancing 4.99% compared with 2.93% rise in the Sensex. The scrip underperformed the market in past one quarter, tanking 13.66% as against Sensex's 2.13% fall. The scrip had also underperformed the market in past one year, losing 13.53% as against Sensex's 5.30% fall.
The Anup Engineering's net profit soared 59.4% to Rs 7.94 crore on a 1.7% decline in net sales to Rs 37.06 crore in Q1 June 2019 compared with Q1 June 2018.
The Anup Engineering (erstwhile subsidiary of Arvind) originally incorporated in the year 1962. It provides static process equipments, technology products, dished ends, engineering services and industrial centrifuges to various industries like oil & gas, petrochemicals, fertilizer, chemicals, power, water and aerospace.
In 2017, Arvind decided to demerge The Anup Engineering as separate entity. The National Company Law Tribunal (NCLT), Bench at Ahmedabad, vide its Order dated 26 October 2018, approved the composite scheme of arrangement and that the company was demerged from Arvind and amalgamated into Anveshan Heavy Engineering (transferee company) and subsequently pursuant to said order the name of Anveshan Heavy Engineering changed to The Anup Engineering.
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