Kirloskar Pneumatic soars 7%, hits record high as MFs acquire over 6% stake
Shares of Kirloksar Pneumatic (KPCL) hit a record high of Rs 520, up 7 per cent on the BSE in Thursday’s intra-day trade, surging 10 per cent in two days after domestic mutual funds bought more than 6 per cent stake in the company via open market.
On Wednesday, August 10, 2022, L&T Mutual Fund, Aditya Birla Sun Life Mutual Fund, Tata Mutual Fund, Franklin Templeton Mutual Fund and ICICI Prudential Life Insurance Company collectively purchased 3.97 million equity shares representing 6.15 per cent of total equity of KPCL through bulk deals on the BSE, the exchange data shows.
The company’s promoters, Nihal Gautam Kulkarni (2.33 million shares), Ambar Gautam Kulkarni (2.33 million shares) and Jyotsna Gautam Kulkarni (4.66 million shares) sold 9.32 million shares or 14.45 per cent stake in the company for Rs 432 crore, data shows. CLICK HERE FOR FULL DETAILS
KPCL is engaged in the business of compression & transmission segments, primarily serving sectors of oil & gas, engineering, steel, cement, food & beverage by offering engineered products and solutions.
The compression segment is engaged in design, manufacture, supply, and erection / commissioning of wide range of air, gas and refrigeration compressors, packages & systems. The transmission segment is engaged in design, manufacture and supply of railway traction gears and customized gearboxes for windmill, industrial and marine applications. The company has also started road railer operations providing logistic services using rail network of Indian Railways with first and last mile operations carried on road.
KPCL has a strong market share in compressor business, well-positioned to capitalise upcoming opportunities in the infrastructure space. Make in India, China+1 and PLI schemes in various sectors are expected to attract global manufacturers to set up facilities in India. It is also expected to generate significant growth opportunities for KPCL. KPCL is expected to deliver a robust growth across key metrics in the coming years, the company said in FY22 annual report.