Transformers and Rectifiers zooms 20%; hit upper circuit

MUMBAI: Shares of Transformers and Rectifiers (India) today soared 20 per cent and hit the upper circuit limit on the bourses after the company said it has received orders worth Rs 440 crore.

In a regulatory filing, the company said it has received "third party export order amounting to Rs 440 crore. With this order, the company's order book as on date stands around Rs 800 crore."

Reacting to this, shares of the company opened on a bullish note at Rs 173.50 and jumped 19.95 per cent to an intra-day high of Rs 200.80.

Similar movement was also witnessed on the National Stock Exchange where the stock opened at Rs 168, then jumped 20 per cent to a high of Rs 200.20 -- its upper circuit limit.

Market experts said the spike in the stock was largely a knee-jerk reaction to the order win. Moreover, the broader market also settled in the positive zone at 27,975.86. Higher by 517.22 points.