Action Construction nears record high on promoters’ stake buy

November 20
14:16 2017
Action Construction Equipment has surged 18% to Rs 131, extending its 6% rally of the past two trading sessions, after promoters of the company increased their holdings through open market. The trading at its 52-week high, rallied 87% in the past one month from Rs 70. It quoting close to its record high of Rs 134, touched on January 7, 2008 in intra-day trade.

On Wednesday, November 15, 2017, Vijay Agarwal (60,000) and Sorab Agarwal (26,000) had purchased a combined 86,000 shares of Action Construction Equipment through open market, the company said in a regulatory filing.

Post transaction, the combined holding of Vijay Agarwal and Sorab Agarwal, has increased to 41.39% from 41.31%, it added. The promoters held 73.1% stake in the company as on September 30, 2017, the shareholding pattern data shows.

Action Construction Equipment engaged in transport related services business reported nearly three-fold jump in its net profit at Rs 11 crore in September 2017 quarter. It had profit of Rs 4 crore in the same quarter last fiscal.

At 01:49 PM; the stock was up 16% at Rs 129 on the BSE, as compared to unchanged in the S&P BSE Sensex at 33,342 points. The trading volumes on the counter nearly doubled with a combined 4.1 million shares changed hands on the BSE and NSE.

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