Stocks

Castex Tech soars on StanChart stake buy

Our Bureau Mumbai | Updated on January 23, 2018

17blCastexCo.eps





The Castex Technologies scrip seems to be in demand with Standard Chartered Bank (SCB) Singapore along with SCB Mauritius picking up 12.85 per cent stake (over 3.91 crore shares) in the company.

The acquisition was reported to the exchanges on Friday. On Thursday, another entity named Doogar and Associates Securities picked up 6.99 per cent, or over 2.64 crore shares, according to another exchange filing.

With Amtek Auto as one of its promoters, the company is in the news for a SEBI investigation on manipulation of its stock price. The company’s 52-week high of ₹362 was recorded on July 13 this year while its 52–week low of ₹17.15 was seen on October 8.

Kishor Ostwal, CMD, CNI Research, said “The said acquisition by Doogar was in the capacity of a share sale agent on behalf of bond-holders.” Interestingly, Amtek Auto pledged 2.77 per cent stake (over 96 lakh shares on September 21) as collateral against a short-term borrowing raised from Allahabad Bank, besides pledging another 1.6 per cent (60.5 lakh shares on September 28) with State Bank of Bikaner & Jaipur as collateral for yet another short-term borrowing.

On Friday, the stock closed 4.8 per cent up at ₹25.10 on the BSE. Over 9.58 lakh shares were traded with a delivery percentage of 40.33.



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Published on October 16, 2015
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