Kinetic Engineering shares trade flat after opening up 3%
Shares of Kinetic Engineering were trading flat in late morning on September 12, after opening up 3%. At 11:09 AM, the stock was trading at Rs 133.95, against the previous day’s close of Rs 133.90.
The promoters of the company had announced on September 11 that they would be infusing Rs 28 crore in the company, including a purchase of Rs 27.42 crore worth of equity shares at Rs 120 per share and 80,000 optionally convertible cumulative preference shares (OCCPS) at Rs 120 each.
Kinetic Engineering is an engineering and automobile component manufacturing company based in Pune. It manufactures about 100 different auto components from its manufacturing facility in Ahmednagar. In August 2023, the auto manufacturer said that it would be reorganizing its EV arms under its subsidiary Kinetic Watts & Volts in order to provide integrated solutions that offer key components like motors, controllers, and batteries. Kinetic Watts & Volts was set up in September 2022.
The stock has been on a downward trend in recent months, and is currently trading below its 52-week high of Rs 174.75. The promoters’ infusion of capital is seen as a positive development by the market, and could help to arrest the decline in the stock price. However, the overall sentiment in the market remains cautious, and investors are likely to remain on the sidelines until there is more clarity on the company’s future plans.
Here are some of the key takeaways from the article:
- Kinetic Engineering shares opened up 3% on September 12, but have since traded flat.
- The promoters of the company have announced that they will be infusing Rs 28 crore in the company.
- The stock is currently trading below its 52-week high.
- The overall sentiment in the market remains cautious.
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