India's Craftsman Automation hits record high, shares up 9.7%

Craftsman Automation

30/12/2022 06:07

** Shares of diversified engineering, auto component maker
Craftsman Automation  CRAF.NS  up as much as 9.7% to a record
3,575 rupees; their highest intraday pct gain since Mar. 22
    ** Co on Thursday said it will acquire 76% stake in auto
component manufacturer DR Axion India for 3.75 bln Indian rupees
 ($45.31 mln)
    **DR Axion has customers that include leading
passenger-vehicle makers and saw turnover of 7.16 bln rupees for
FY 2021-22 - CRAF
    ** Over 247,600 shares change hands by 11:03 a.m. IST, 6x
30-day moving avg of 41,604
    ** Five out of six analysts covering the stock rate it "buy"
or higher, while one rates it "sell" or lower; median PT is
3,333 rupees - Refinitiv data
    ** Stock up 44.1% YTD, as of last close
($1 = 82.7700 Indian rupees)
 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))