Shares of Tega Industries climbed 2.72 percent on Tuesday’s intraday trades after bulk deals took place on the counter. Its share price reached an intraday high of ₹ 950.00 and they were trading at ₹ 943.00 apiece at 01:19 PM.
Tega Industries manufactures and distributes specialised, critical, and recurring consumable products for the global mineral beneficiation, mining, and bulk solids handling industry. The company is one of the largest producers of polymer-based mill liners in the world.
According to the bulk deals data available on the Bombay Stock Exchange (BSE), Tata AIA Life Insurance Company Limited bought 4,01,421 shares of the company at ₹ 907.42 apiece.
On the other hand, its promoters Mehul Mohanka and Nihal Fiscal Services Pvt Ltd offloaded their shares to comply with the Securities and Exchange Board of India (SEBI) rule of minimum public shareholding, which says that the public holding should be at least 25 percent within three years of listing.
Mehul Mohanka sold 20 lakh shares at ₹ 907.02 apiece, while Nihal Fiscal Services Pvt Ltd sold 7,24,950 shares at ₹ 907.00 apiece according to the data on the BSE.
The aggregate promoter and promoter group shareholding of the company was at 79.1 percent of the total paid-up equity share capital of the company, as per the latest shareholding pattern of the company. This has to be brought down to 75 percent.
Tega Industries is a small-cap company with a market capitalization of ₹ 6136 crores. It has an ideal return on equity of 20.62 percent and an ideal debt-to-equity ratio of 0.34. Its shares were trading at a price-to-earnings ratio of 33.45, which is higher than the industry P/E of 28.07, indicating that the stock might be overvalued as compared to its peers.
Written By Simran Bafna
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