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Why Varroc Engineering stock rose over 13% today

Why Varroc Engineering stock rose over 13% today

Varroc Engineering share touched an intraday high of Rs 333.4, rising 13.44% in afternoon session.

Varroc Engineering share trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages. Varroc Engineering share trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.

Varroc Engineering share rose over 13% after HDFC Asset Management Company bought 0.58 per cent stake in the company via open market transactions on October 19. The AMC raised its shareholding to 5.11 per cent from 4.53 per cent earlier.

The stock has gained after 3 days of consecutive fall.

The share opened with a gain of 3.78% at Rs 305 against previous close of Rs 293.90 on BSE.

The stock touched an intraday high of Rs 333.4, rising 13.44% in afternoon session.

Varroc Engineering share trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.

The share has gained 4.69% in one year but fallen 19% since the beginning of this year.

Market cap of the firm rose to Rs  4,873 crore on BSE.

Total 1.61 lakh shares of the firm changed hands amounting to turnover of Rs 5.15 crore on BSE.

The stock hit 52-week high of Rs 499.95 on February 9, 2021 and  fell to 52-week low of Rs 260.20 on September 14, 2021.

The company reported a consolidated year-on-year loss of Rs 229 crore in the April-June quarter. In June quarter of last fiscal, the firm reported a loss of Rs 307 crore.

Sales rose 130.77% to Rs 2,941 crore in Q1 against Rs 1,274 crore sales in the previous fiscal.

Varroc Engineering operates as an automotive component manufacturer and supplier. The company designs, develops, and manufactures starter and wiper motors, alternators, switches, lamps, digital instruments, cluster, instrumental panel, door trims, mirror assemblies, and gears.