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Equity | News | Hot Pursuit
Hot Pursuit
Shivalik Bimetal Controls spurts on leadership transition and shareholding changes
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(15:44, 30 Sep 2024)
The Ghumman family, the remaining promoters of Shivalik Bimetal Controls, have increased their stake in the company from 25.5% to 33.15%. This increase was facilitated by the retirement and exit of the Sandhu family members, who were previously associated with the company.

In addition to the change in promoter ownership, Shivalik Bimetal Controls has successfully onboarded several new institutional investors. On 27 September 2024, a series of bulk transactions were executed in the counter. SBI Mutual Fund acquired 31,10,467 shares at an average price of Rs 610.6 per share. This was followed closely by Franklin Templeton Mutual Fund, now holding 17,70,912 shares. Other investors include DSP Mutual Fund (9,00,800 shares) and White Oak Capital Mutual Fund (1,63,774 shares).

Overall, 1,03,52,735 shares are now held by these investment firms, along with other notable investors like HSBC Mutual Fund (5,73,207 shares), Aditya Birla MF (10,00,000 shares), and UTI MF (10,14,465 shares).

Shivalik Bimetal Controls manufactures and sells thermostatic bimetal/trimetal strips for switching components used in electrical, electronics, automotive, agricultural, medical, defence, and industrial applications. The company also makes shunt resistors for use in the high-growth automotive and industrial equipment segments.

On a consolidated basis, net profit of Shivalik Bimetal Controls declined 16.26% to Rs 17.82 crore on 1% decline in net sales to Rs 125.98 crore in Q1 June 2024 over Q1 June 2023.

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