Carborundum Univesal closer to a new high

There is a very strong positive buzz around Murugappa group company, Carborundum Univesal. The stock seems to be on the radar of some bulk buyers or high networth individuals. Nimesh Shah, as per BSE data, is said to have bought some 1.5 crore shares yesterday at an average price of Rs.230.25/share. Other names which are showing are Amrit Petroleums buying 20 lakh shares and Aadi Financial buying 22 lakh shares.

The news doing the rounds is that the company is set of a good bounce back given that its new plants are soon ready to be commissioned in India. Its restructuring undertaken in South Africa has been completed and its Chinese operations too have been winded down now. The buzz is that FY17 is expected to be a new beginning of some good times for the company.

The stock price is up strongly in the green today. It hit an intra day high at Rs.257.60, which is so close to its 52-week high of Rs.259.95.