Two MF entities of the same group, American Funds, bought over 38.45 lakh shares of Carborundum Universal Ltd.

American Funds Insurance bought 2429243 shares and Small Cap World Fund Inc. bought 1416424 shares at a price of R145.21 per piece amounting to over R55.84 Cr.

A major seller was found in HDFC AMC which offloaded 1531326 shares at a similar price of R145.81 per share which aggregated to more than R22.32 Cr.

Small Cap World Fund held 2.83% as on December 2012 and the recent buy takes its stake to 3.58%. HDFC held 5.05% through two of its MF schemes.

Other major stakeholders in the company include Nalanda India Fund (8.96%) and Amansa Investments (2.51%).

The company’s third quarter net profit was down 83% to R8 Cr.

Carborundum was founded in 1954 as a tripartite collaboration between the Murugappa Group, The Carborundum Co., USA and the Universal Grinding Wheel Co. Ltd., U.K.

It is in the business of manufacturing abrasives, ceramics, refractories, and electro-minerals. The company has manufacturing plants in several locations across India, a plant each in Russia, South Africa, and China, and marketing operations in Australia and Canada.

It acquired South Africa based RHI Isithebe (Pty) Ltd through its subsidiary - CUMI International Limited Cyprus last year.

In the space German firm RHI Group acquired Orient Refractories for about R600 Cr last year.

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