Dynamatic Tech zooms 31% in 2 days after HNIs buy stake in company

Shares of Dynamatic Technologies moved higher by 9.6 per cent at Rs 2,178, and bounced back 15 per cent from the intra-day low of Rs 1,901, in an otherwise weak market on the BSE on Wednesday. In comparison, the S&P BSE Sensex was down 0.33 per cent at 54,378 points at 12:37 pm.

The stock of the industrial machinery company has zoomed 31 per cent in the past two trading days after high networth individuals (HNIs) and renowned fund managers Madhusudan Kela and Sunil Singhania bought a stake in Dynamatic Technologies via open market on Tuesday.

On August 10, Madhusudan Kela bought 44,700 shares of Dynamatic Technologies at price of Rs 1,618.9 per share through a bulk deal on the BSE, while Sunil Singhania’s investment firm Abakkus Asset Manager bought 125,000 shares of the company at Rs 1,617 apiece through a bulk dea, exchange data shows.