Stock market today: Shares of Salasar Techno Engineering Ltd are one of the many penny stocks that the Indian stock market has delivered in the last year. This tech stock has grown nearly 150 percent in the last year. The multibagger penny was in the news recently for trading ex-bonus on February 1, 2024. After the issuance of 4:1 bonus shares last month, the technology stock is again in the news for acquiring a new company paying. ₹178 crores. Salasar Techno Engineering Ltd today informed Indian stock markets about acquisition of the new company EMC Ltd after getting the nod from the National Company Law Tribunal (NCLT). After this news broke, Salasar’s share price witnessed strong buying interest during early morning deals. The share price of Salasar Techno today opened and continued to touch an intraday high of ₹22.55 apiece on NSE, registering about 5 percent appreciation against Friday’s close of ₹21.50 each. However, the multibagger penny stock failed to sustain at higher levels after the profit-booking trigger and pared most of its early morning gains.
News about Salasar Techno Engineering
As mentioned above, the penny stock multibagger today informed stock market exchanges about the acquisition of EMC Ltd saying, “In accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform that the Salasar Techno Engineering Limited (“the Company”) emerged as the highest bidder in the acquisition of M/s EMC Limited (under Liquidation) through an EAuction facilitated by the Liquidator, as appointed by the Hon’ble National Company Law Tribunal (NCLT), Kolkata Bench., pursuant to Order IA No. 842/KB/2023 The auction was held on Thursday, March 14, 2024, from 3:00 PM to 5:00 PM, with the highest bid amounting to Rs.178.00, 00,000/ – (Rupees One Hundred Seventy Eight Crores Only).”
EMC Limited (Formerly known as Electrical Manufacturing Company Limited), is a company limited by shares incorporated on 12 July 2010 under the provisions of the Companies Act, 1956 (earlier, an entity was amalgamated with the Company which was incorporated on 18 May 1853). The company has grown into a large EPC (Engineering, Procurement and Construction) organization and has a track record of completing large projects. The company has been in foreign business since the early 1970s and exported galvanized steel towers, conductors, and hardware but recently the company is taking turnkey orders (EPC Projects) in power transmission and substation sectors.
As at 31 March 2023, EMC Ltd had an annual turnover of ₹70.70 crores and a net loss of ₹131.18 crores. The company operates within the same industry as SALASAR, promising expansion of the company’s operations and the potential for synergistic benefits.
Disclaimer: The views and recommendations above are those of individual analysts, experts and trading companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
Unlock a world of Perks! From insightful newsletters to real-time stock tracking, breaking news and a personalized news feed – it’s all here, just a click away! Login Now!
Catch all Business News, Market News, Breaking News and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More or less
Published: 18 Mar 2024, 11:59 IST