Kalink Co increases stakes in Steel Strips Wheels, stock up

The share price of Steel Strips Wheels soared on the bourses by over 6 per cent in Thursday’s intraday trade following the announcement that Kalink Co has increased its stake in the steel wheel rims manufacturing company.

Kalink Co acquired 59,750 equity shares of the company from the open market under the foreign portfolio investment category on Thursday. The company already holds 2,09,525 equity shares in Steel Strips Wheels. Following the current acquisition, Kalink Co’s shares in Steel Strips Wheels will increase to 1.73 per cent equity shares.

Following this development, Steel Strips Wheels surged to its intraday high of Rs. 1,045 per share, higher by 6.2 per cent on BSE on Thursday. The stock hit an intraday low of Rs. 985.85 per share on BSE.

The stock had hit its 52-week high of Rs. 1,225 per share on January 10, 2018 and its 52-week low of Rs. 660 per share on February 13, 2017 on BSE, respectively. At 15:02 hours IST, the stock traded at Rs. 1,034.40 per share, higher by 5.20 per cent on BSE.

Meanwhile, S&P BSE Sensex was trading at 34,441.72 level, higher by 1.05 per cent and NSE Nifty50 was trading at 10,583.65 level, higher by 1.02 per cent on Thursday, respectively.