SKF India's share price jumped more than 6% after the company approved the demerger of its industrial business. The name of the new company will be “SKF India (Industrial) Ltd” or “SKF (Industrial) India Ltd” or such other as may be approved by the concerned central registration centre.
The company will be incorporated with a paid up capital of Rs 15 lakh divided into 1,50,000 equity shares of Rs 10 each, an exchange filing said.
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"The board will consider the detailed scheme / proposal before making a final decision and the company will make appropriate disclosures to the stock exchanges once the board has taken a final decision in this regard," it added.
The scrip rose as much as 6.26% to Rs 5,492.60 apiece, the highest level since Sept. 27. It gave up gains to trade 3.2% higher at Rs 5,335 apiece, as of 9:41 a.m. This compares to a 0.2% advance in the NSE Nifty 50 index.
It has risen 16% on a year-to-date basis and 8.6% in the last 12 months. Total traded volume so far in the day stood at 0.78 times its 30-day average. The relative strength index was at 47.3.
Out of the 12 analysts tracking the company, nine maintain a 'buy' rating, and three recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.1%.
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