Shares of this engineering stock under the ‘small-cap’ category rose around 11 percent in Wednesday’s trading session after DSP Mutual Fund bought 24 lakh shares from the Promoters of the company.
With a market capitalization of Rs 3,666 crores, the stocks of HLE Glascoat Limited started their trading session on Wednesday at Rs 553 and currently trade at Rs 560.70, gaining a huge 11 percent as compared to the previous close of Rs 507.90 apiece.
Such sharp movements in the company’s stock price were observed after DSP Mutual Fund bought 24 lakh shares from the Promoters of the company.
According to the data available with the NSE, three individuals from the Promoter group, viz, Mr. Harsh Patel, Mr. Himanshu Patel, and Mr. Nilesh Patel sold 4.65 lakh shares, 10 lakh shares, and 10.09 lakh shares respectively. On the buying side, DSP Mutual Fund bought 24.01 lakh shares in total.
Mr. Ashish Kacholia, one of the well-known ace investors in India, has also invested in the company’s stock. As per the June 2023 quarter, he holds around 9.58 lakh shares of the company equating to a 1.40 percent stake.
Moreover, HLE Glascoat Limited, via a regulatory filing with the BSE, announced that it has acquired a 35.56 percent stake in ‘Kinam Engineering Industries’, a leader in the ‘heat transfer’ industry.
The company acquired the above for a consideration of Rs 79.97 crores giving an influencing position for decision-making purposes. The company also subscribed to 33,407 equity shares of Kinam representing a 0.5 percent stake of the share capital.
During the recent financial years, the company has showcased a decent improvement as far as the operating revenues and net profits are concerned. The operating revenues rose from Rs 652.22 crores during FY21-22 to Rs 931.52 crores during FY22-23, and, the net profits, in alignment with the above, went up from Rs 60.67 crores to Rs 70.81 crores.
HLE Glascoat Limited is a company based in India that is engaged in a business with various operating segments including Drying, Filtration, and other equipment. The company offers products like columns, agitators, pipes & fittings, among others. Geographically, it earns a majority of its revenue from domestic operations within India.
Written by Amit Madnani
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