HDFC Mutual Fund has purchased shares of Astra Microwave Products worth Rs 4.9 crore through block deal on the National Stock Exchange on Friday.
The fund house bought 4,50,001 equity shares at Rs 108.97 per share whereas Param Capital Research Private Limited sold 5 lakh shares at Rs 109.49 apiece.
On Friday, the stock closed at 52-week high of Rs 111.95, up 20% amid hefty volumes. Market capitalisation of the company currently stands at Rs 916.03 crore.
The rally in the stock was also because of commerce minister Arun Jaitley has given nod to cabinet note on hiking defence FDI cap. According to CNBC-TV18 sources, the cabinet note proposes to hike defence FDI to 100 percent from 26 percent. The note also proposes that FIIs and portfolio investors can hold up to 49 percent in the sector.
Astra Microwave is a manufacturer of Defence,Sub-systems,Space,MMIC,Antennas,Telecom,V-SAT,Meteorological,Security Products,RF etc