Shares of Sona BLW Precision Forgings Ltd. rose over 2% on Thursday after SBI Mutual Fund increased its stake in the company.
The mutual fund arm of the State Bank of India raised its shareholding from 5.31% to 7.47% in Sona BLW, according to a regulatory filing.
SBI Mutual Fund, under its various schemes, bought 94.3 lakh shares, representing 1.51% of the paid-up share capital of the company through "qualified institutional placement and market purchase on Sept. 10," the filing said.
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The final holding of SBI Mutual Fund increased to 4.64 crore shares, or 7.47% stake, it said.
The company's QIP issue fetched a total of Rs 2,400 crore, it said in a filing on Monday.
Shares of Sona BLW rose as much as 2.1% to Rs 741.3 apiece on the NSE. In comparison, the benchmark Nifty 50 was nearly flat at 12:17 p.m.
The stock has risen 15.19% so far this year and 29.6% in the last 12 months. The stock's relative strength index was 58.96.
Thirteen out of the 19 analysts tracking the company have a 'buy' rating on the stock, four suggest a 'hold' and 2 have a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1.5%.
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