Rolex Rings in focus: Rolex Rings stock extended its rally on Wednesday, August 28, 2024. The stock jumped as much as 5.97 per cent to hit a fresh all-time high of Rs 2,579.90 per share after Kotak Mahindra MF, SBI MF and Franklin Templeton MF bought shares in the company.
On Tuesday, August 28, the stock gained 2.21 per cent in intraday deals on BSE.
While Kotak Mahindra MF bought 1,70,000 shares at Rs 2,425, SBI MF added 2,80,000 shares at Rs 2,421.66 and Franklin Templeton MF bought 1,56,096 shares at Rs 2421.08. Other buyers include India Acorn ICAV (2,03,712 shares at Rs 2,421.63).
Meanwhile, promoters Ashok Dayashankar Madek offloaded 2,72,333 shares at Rs 2,419 and Sanjaykumar Bhagvanji Bole sold 1,74,556 shares at Rs 2,419. Other sellers include ICICI Prudential MF offloaded 3,19,000 shares at Rs 2,425.
Established in 1988, Rolex Rings began its forging operations with its first plant in Rajkot. By 1989, the company had obtained an Importer-Exporter Code, marking its entry into international markets.
The company is among the leading Indian manufacturers specialising in forged and machined components, ranking among the top five forging companies in the country.
The company focuses on producing and selling hot-rolled forged and machined bearing rings, as well as automotive components. Its diverse product range includes bearing rings for gearboxes and other automotive parts, with sizes ranging from 0.01 kilograms to over 163 kilograms and diameters from 25 millimetres to 900 millimetres. This wide variety makes their products suitable for numerous industries, including automotive, railways, industrial infrastructure, and renewable energy.
The market capitalisation of Rolex Rings is Rs 6,994.60 crore, according to Bombay Stock Exchange (BSE). The company falls under BSE SmallCap category.
The 52-week high of Rolex Rings stock is Rs 2,764 per share while its 52-week low is Rs 2,400.05 apiece.
At 10:38 AM, shares of Rolex Rings were trading 5.51 per cent higher at Rs 2,568.40 per share. In comparison, BSE Sensex was trading 0.01 per cent higher at 81,718.41 levels.
First Published: Aug 28 2024 | 10:44 AM IST
