Shares of Craftsman Automation Ltd. jumped nearly 10% on Tuesday to the highest in nearly six months as the company signed a pact for acquiring the whole or part of the business of Sunbeam Lightweighting Solutions Pvt.
Craftsman entered into a memorandum of understanding with Sunbeam and Kedaara Capital Fund II LLP for the proposed transaction, which will be made in one or more tranches. The completion of the proposed transaction remains subject to several conditions, including final approval of the board of directors, according to an exchange filing.
Craftsman's stock rose as much as 9.65% during the day to Rs 5,297 apiece, the highest since Jan. 2. It was trading 8.69% higher at Rs 5,240.50 per share, compared to a 0.25% advance in the benchmark Nifty at 9:51a.m.
The share price has fallen 3.3% on a year-to-date basis, but has risen 29.76% in the last 12 months. The total traded volume so far in the day stood at 2.72 times its 30-day average. The relative strength index was at 79.44, indicating that the stock may be overbought.
Nine out of the 10 analysts tracking the company have a 'buy' rating on the stock and one recommends a 'hold,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1.5%.
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