Shares of SAT Industries Ltd surged 8 percent on Wednesday’s first half of the session from the previous close price of Rs 72.55. The stock jumped in response to the investment made by Carnelian Structural Fund in the company.
As per BSE filing, the company sold 40,63,337 equity shares, or 3.55 percent, of its subsidiary Aeroflex Industries Limited to Vikas Khemani’s Carnelian Structural Fund for Rs 35.58 crores.
Carnelian Asset Management is an investment company that focuses on niche competence companies in Indian listed and unlisted companies and invests in them.
At 12:15 pm, the shares of the company were trading at Rs 77.50 on the NSE, up 6.70 percent from its previous close and the stock hit an intraday high of Rs 80 in the early trade.
Ace Ashish Kacholia acquired a stake in Aeroflex Industries in May 2023. SAT Industries sold a 4.05 percent share in Aeroflex Industries to Kacholia and Bengal Finance & Investments for Rs 40.56 crore.
SAT Industries Ltd is engaged in the mining-related real estate, manufacturing, and trading of goods & services. Meanwhile, Aeroflex Industries manufactures stainless steel flexible flow solutions.
The stock gained 13.4 percent in the last six months from Rs 68.25 to current levels, and last year stock gained 29.76 percent from Rs 59.65 to current levels.
According to the company’s financials, revenues climbed marginally by 35 percent year on year, from Rs 346 crores in FY 21-22 to Rs 466 crores in FY 22-23. Within the same timeframe, Net profit increased by 18 percent, from Rs 38 crores to Rs 45 crores.
Profitability ratios are significant, ROE for FY 23 is 16.37 percent, ROCE is 18.63 percent, and the debt-to-equity ratio is 0.40.
According to the latest shareholding pattern, promoters of the company hold a 51.59 percent stake, and retail investors hold a 47.52 percent stake in the company for FY 22-23.
Written by Omkar C
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