The shares of one of the leading automotive components manufacturers with a market share of ~75 percent in 2W OEM automotive cables, jumped 10 percent in the day’s trade after HDFC mutual funds increased its holding stake in the company.
At 12:20 p.m the shares of Suprajit Engineering Limited were trading at Rs. 407.50, up 9.63 percent from its previous day’s close price of Rs. 371.70 and its market capitalization is Rs. 5,634.27 Crores.
Earlier as of April 16, 2020, HDFC Mutual Fund held a 5.07 percent stake in Suprajit Engineering Limited consisting of 70,15,236 equity shares.
As per the recent disclosure, On December 22, 2023, HDFC Mutual Fund through its various schemes bought an additional 1.96 percent stake consisting of 27,19,857 or 27.2 lakh equity shares in Suprajit Engineering Limited via open market.
As per the latest shareholding data available for the September quarter (Q2FY24) on BSE, HDFC mutual fund held a 6.35 percent stake in the company consisting of 87,91,959 equity shares.
Suprajit Engineering Limited is engaged in the business of manufacturing and selling automotive parts and other components. Its product portfolio consists of Control cable mechanisms, instrument clusters, vehicle lighting, and allied motion control parts.
SEL is the market leader in automotive cables with ~75 percent market share in 2W OEMs (48 percent of segment revenue) and ~32 percent in 4W OEMs (18 percent of segment revenue).
It has a strong customer base consisting of well-known players like BMW, Honda, TVS, Bajaj, Hero, Osram, Volkswagen, John Deere, and many more.
The company’s revenue from operations grew 49.55 percent from Rs. 1,840.48 Crores in FY22 to Rs. 2,752.36 Crores in FY23, accompanied by profits of Rs. 173.08 Crores to Rs. 152.11 Crores.
Written by: Bharath K.S
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