Craftsman Automation shares rise after Rs 317-crore block deal

It was not immediately clear who were buyers and sellers.

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Shares of Craftsman Automation edged up on June 22 after a large trade took place in the counter. The stock gained 2 percent to Rs 4083.70 on the BSE as of 10.40am.

Accoriding to data available on Bloomberg, about 8 lakh shares changed hands at Rs 3,960 per share in the block deal window. This puts the transaction value at Rs 317 crore. The buyers and sellers were not known immediately.

The stock gained despite the transaction price being lower than the previous day’s closing price. In the last one month, it is up nearly 17 percent. Year-to-date, it is up 13 percent.

The company management indicated 20 percent on-year growth in value additions for FY24 largely driven by growth in volumes for existing and new customers or product additions. While the H1FY24 growth will be driven by commercial and passenger vehicles, they expect, the other segments such as farm equipment and construction will witness traction from Q3FY24 onwards.

Analysts are largely bullish on the auto component maker’s stock.

Motilal Oswal, which has a ‘buy’ rating on the stock, believes business in the aluminium division is likely to grow due to a ramp-up in order from Stellantis in Q3. The company is going through the validation phase for supply of a critical part for one of the domestic SUVs that is likely to start from July 2023, it added.

“Craftsman’s track record of creating and gaining market leadership organically is uncommon in the auto component industry. This has enabled it to deliver a good balance of strong growth and superior capital efficiency,” said Motilal Oswal.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.