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LG Balakrishnan hits 52-week high after HDFC MF buys stake

Capital Market 

HDFC Mutual Fund purchased 628,858 equity shares, or 2% stake, of LG Balakrishnan & Bros on 14 June 2021 through open market purchases.

Following the transaction, HDFC AMC has increased its stake in LG Balakrishnan & Bros to 7.29% from 5.29% held earlier.

Shares of LG Balakrishnan & Bros jumped 10.88% to Rs 448.35. The counter hit a 52-week high of Rs 467 in intraday today. The stock has surged 121% from its 52-week low of Rs 202 on 17 June 2020.

L.G. Balakrishnan & Bros is engaged in the business of manufacturing chains, sprockets and metal formed parts for automotive applications.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, June 17 2021. 13:32 IST