Timken India Shares Gain After 6.5% Stake Changes Hands In Large Trade

Shares of Timken India Ltd. surged nearly 8% on Tuesday following a large trade.

At least 50,00,000 shares, or 6.6% of the company, changed hands on the BSE. The buyers and sellers of the shares could not be immediately identified.

The deal happened at Rs 3,913.34, according to Cogencis. This implies a nearly 1% discount to its closing price on Monday.

On the BSE, the scrip rose as much as 7.53% to Rs 4,250.45 apiece, the highest level since May 24. It pared gains to trade 5.8% higher at Rs 4,181.95 apiece, as of 10:51 a.m. This compares to a 0.16% advance in the BSE Sensex Index.

It has risen 28.55% on a year-to-date basis and 26.45% in the last 12 months. Total traded volume so far in the day stood at 81 times its 30-day average. The relative strength index was at 67.94.

Out of ten analysts tracking the company, seven maintain a 'buy' rating, one recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 16.1%.