Shanthi Gears stock jumps 40% after Tube Investments increased stake
Business
Shanthi Gears, part of the Murugappa Group, just saw its stock jump a massive 40% in just two sessions.
After recently hitting a yearly low, it's now only 10% away from its all-time high.
The boost came after Tube Investments of India, the company's promoter, upped its stake from 70.5% to 73.2%, which got investors excited.
Shanthi Gears revenue down 15%
Even though Shanthi Gears reported weaker numbers this quarter, revenue dropped 15% and profits (EBITDA) fell by over half.
The company booked record orders in the fourth quarter and has a strong ₹378 crore order backlog.