Opto Circuits up almost 12%

Opto Circuits (India) is doing well in an otherwise blood red streaked market. The stock is up currently almost 12% at Rs.35, at its intra day levels with major spike up in volumes. It though remains a longw ay off from its 52-week high at Rs.88.50.

The stock is up on unconfirmed news reports that Goldman Sachs is likely to acquire 26% stake in the company, though a combination of existing and fresh equity shares. The news is that Goldman will spend around Rs.300 crore on this stake buy, and this means it could pick up shares at Rs.50-52/share. This puts the valuation of Opto Circuits at Rs.1300 crore as against its current market cap of Rs.838 crore.