SKF India’s share price surged over 6% following the company’s approval of its industrial business demerger. The new entity will be named “SKF India (Industrial) Ltd” or “SKF (Industrial) India Ltd,” subject to approval from the concerned central registration centre, according to an official filing.
The new company will have a paid-up capital of Rs 15 lakh, divided into 1,50,000 equity shares of Rs 10 each. SKF India’s share price hit a peak of Rs 5,492.60, the highest level since Sept. 27, before giving up some gains to trade 3.2% higher at Rs 5,335.
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The company’s year-to-date performance shows a rise of 16%, with an 8.6% gain over the last 12 months. At 9:41 a.m., the stock was outperforming the broader market, which saw a modest 0.2% increase in the NSE Nifty 50 index.
Total traded volume during the day was 0.78 times its 30-day average, while the relative strength index (RSI) was at 47.3, indicating steady momentum. This reflects ongoing interest in the stock following the demerger news.
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The average 12-month price target showing a potential upside of 5.1%, showcasing optimism around the company’s future prospects post-demerger.
