Shares of Craftsman Automation Ltd. gained the most in more than four weeks after the company commenced commercial operations of its new plant at Pune.
The auto parts maker had on May 9 approved proposal to set up additional plants at Faridabad, Pune and Sriperumbudur. The existing capacity in Pune is 11.5 lakh units for the automotive-powertrain segment. About 2% of capacity will be added to the Pune plant at an investment of Rs 5 crore, it had said.
Shares of Craftsman Automation gained as much as 5.3%in intraday trade before closing with 2.76% gains, best day in over four weeks.
The trading volume was nearly similar to the 30-day average, when markets closed on Thursday.
The stock has outperformed the benchmarks, up 23% in 2022 so far compared to 4.4% gains for the Sensex.
Of the seven analysts tracking the company, six maintain a 'buy' and one suggests a 'sell', according to Bloomberg data.
The 12-month consensus price target implies an upside of 15.3%.
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