 "Advanta hits record high on stake hike by UPL")
Advanta has surged 5% to Rs 437 on NSE after the company said the promoter UPL (formerly known as United Phosphorus Limited) hike its stake in the company through open market.
“UPL, the promoter of the company acquired 1.85 million equity shares representing 2.19% of total equity of the company from open market since September 2014 till February 19, 2015,” Advanta said in a BSE filing.
Post acquisition UPL stake in Advanta increased to 51.97% from 49.78% earlier, it added.
Meanwhile, in past one-and-half month, UPL purchased 1.12 million or 1.33% stake in Advanta, the company engaged in agricultural products business.
According to December 2014 shareholding pattern UPL held 50.64% stake in Advanta.
The stock opened at Rs 418 and touched a record high of Rs 443 on NSE. The trading volumes on the counter more than doubled with a combined 153,217 shares changed hands till 1010 hours on NSE and BSE.
In past one month the stock rallied 30% from Rs 336 on January 27, compared to 1.3% decline in the benchmark CNX Nifty.
“UPL, the promoter of the company acquired 1.85 million equity shares representing 2.19% of total equity of the company from open market since September 2014 till February 19, 2015,” Advanta said in a BSE filing.
Post acquisition UPL stake in Advanta increased to 51.97% from 49.78% earlier, it added.
Meanwhile, in past one-and-half month, UPL purchased 1.12 million or 1.33% stake in Advanta, the company engaged in agricultural products business.
According to December 2014 shareholding pattern UPL held 50.64% stake in Advanta.
The stock opened at Rs 418 and touched a record high of Rs 443 on NSE. The trading volumes on the counter more than doubled with a combined 153,217 shares changed hands till 1010 hours on NSE and BSE.
In past one month the stock rallied 30% from Rs 336 on January 27, compared to 1.3% decline in the benchmark CNX Nifty.