Hind Rectifiers Ltd Shares hit a 52-week high of Rs 209.90 as they rallied 13 per cent on the National Stock Exchange (NSE) in intra-day trade on Thursday, up 37 per cent in the past two trading days, after the foreign portfolio investor Cassini Partners L.P. bought nearly 1 million shares of the company via the open market.
On Wednesday, August 25, 2021, Cassini Partners L.P. purchased 98,612 equity shares, representing 0.59 per cent of the total equity of Hind Rectifiers at Rs 181.90 per share via block deal on the NSE, the exchange data shows. The name of the seller could not be ascertained immediately.
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Hind Rectifiers is engaged in developing, designing, manufacturing, and marketing power semiconductors, power electronic equipment, and railway traction equipment.
The government has aggressively targeted increased electric locomotive production and electrification of routes, and the modernization of Railways facilities. All existing production units of Indian Railways have been asked to manufacture electric locos instead of diesel due to increased demands of railways. The coach production from various production units is also expected to increase during the current year to compensate for the production loss of the last year due to Covid-19.
