Friday, 29 June 2012

Balkrishna Industries - 4 prominent fund houses pick up stake

Four prominent fund houses today picked up stake in Balkrishna Industries.  Reliance Capital, SBI Mutual Fund, Prudential ICICI and Franklin Templeton bought over 47.73 lakh shares of Balkrishna Industries at a price of R240 per share. The investment by the four AMC's amounts to R114.55 Cr which is about 4.94% of the outstanding shares. ChrysCapital sold off its stake in the company by selling its 9.33% stake at Rs 240 through its subsidiary Copa Cabana. 

With the rupee losing value, BKT should continue to do well in its exports. The key risk is of course any reduction of orders from Europe which is a key market for BKT.

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