Techno Electric approves amalgamation with Simran Wind Energy

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The board of Techno Electric and Engineering Company has approved the scheme of amalgamation of the company with Simran Wind Projects, a wholly-owned subsidiary of the company.

The scheme will come to effect on receipt of approval including that from stock exchanges.

In consideration of the amalgamation, Simran Wind Projects shall issue and allot 11,26,82,400 shares of Rs 2 each credited and fully paid up in the Techno Electric and Engineering company for every 11,26,82,400 equity shares of Rs 2 each.

Meanwhile, the stock was trading in the positive territory gaining a 1.2% at Rs 390.55 per share on BSE on Friday’s trade.

On NSE, the stock attracted a total traded volume of 3,372 shares and a traded value of Rs 13.20 lakh.

Stock view :-

Techno Electric & Engineering Company Ltd is currently trading at Rs 390.25, up by Rs 4.65 or 1.21% from its previous closing of Rs 385.6 on the BSE.

The scrip opened at Rs 392.1 and has touched a high and low of Rs 392.3 and Rs 388.55 respectively. So far 5972(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 4345.03 crore.

The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 438.95 on 08-Jun-2017 and a 52 week low of Rs 261.6 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 389 and Rs 370.15 respectively.

The promoters holding in the company stood at 57.98 % while Institutions and Non-Institutions held 23.2 % and 18.82 % respectively.

The stock is currently trading below its 50 DMA.

Techno Electric & Engineering Company Ltd :-
BSE 390.25 4.65    (1.21%)
NSE 389.70 4.50    (1.17%)


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