Craftsman Automation shares in news as board approves Rs 1,200-crore QIP

Shares of Craftsman Automation are in news today after the company said its board approved  raising of funds via equity shares for an aggregate amount not exceeding Rs 1,200 crore through qualified institutions placement (QIP). Craftsman Automation stock ended 1.46% higher at Rs 4776.35 on Tuesday against the previous close of Rs 4707.40 on BSE.

Total 6491 shares of the firm changed hands amounting to a turnover of Rs 3.06 crore. Market cap of the firm rose to Rs 10,091 crore on BSE.

It has risen 18.39% in the last one year.

Craftsman Automation shares have a beta of 0.5, indicating very low volatility in a year.

In terms of technicals, the relative strength index (RSI) of the stock stands at 70.7, signaling it's trading in the overbought zone. Craftsman Automation stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

The automation firm's board cleared the QIP with a floor price of Rs 4,426.11 per share, a discount of around 7 percent from the previous closing price.

Craftsman Automation is a diversified engineering company with vertically integrated manufacturing capabilities, engaged in three business segments, namely automotive-powertrain and others, automotive-aluminum products, and industrial and engineering.