Shares of heavy equipment manufacturer TIL were locked in upper circuit today after the firm said it has decided to bring in a strategic investor -- Indocrest Defence Solutions, which is a part of Gainwell Group -- to raise the authorised capital of its business.
TIL stock opened with a gain of 4.97% at Rs 114 today against the previous close of Rs 108.60 on BSE. The stock touched an intraday high of Rs 114, rising 4.97% on BSE. The stock has gained 15.68% in the last three sessions.
Shares of TIL are trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has lost 18.57% in a year and in 2022. Total 292 shares of the firm changed hands amounting to turnover of Rs 0.33 lakh. Market cap of the firm rose to Rs 114.34 crore. At 10:30 am too, the TIL stock was locked in the upper circuit of 5%.
Also Read: Apollo Hospitals, BHEL, RBL Bank & Redington are Axis Securities' 4 top trading picks for 3-4 weeks
Sumit Mazumder, Chairman & Managing Director, TIL said, “This decision mainly comes from the fact that there is no successor to continue the business operations after me. Also after facing challenging times in the last couple of years, bringing in a strategic investor became imperative in order to continue the business operations. There were multiple options of investors but we chose Gainwell, of which Indocrest is a part. Back in 2016, we had divested our Caterpillar dealership business as a part of management buyout to Gainwell – erstwhile TIPL. "
"Gainwell’s experience and expertise in selling and servicing infra equipment augurs very well with TIL and naturally has the right strategic synergy with the current product line of TIL as well as having the best sectoral and customer fit. We are happy to transfer, subject to requisite approvals, the full management control in TIL to Indocrest Defence Solutions Pvt Ltd and the Gainwell Group,” added Mazumder.
TIL Limited is a leading provider of world-class infrastructure equipment in India engaged in design, manufacture and marketing of a comprehensive range of material handling and port equipment. It has a fully integrated plant at Kamarhatty and a state-of-the-art Plant at Changual, West Bengal.
Also Read: VA Tech Wabag shares rise 5% as ADB to invest Rs 200 crore