Arihant Superstructures hits new high as L&T Mutual Fund buys stake

The stock surged 12% to Rs 154 on the NSE

Arihant Superstructures surged 12% to Rs 154 on National Stock Exchange (NSE) after the L&T Mutual Fund bought more than 2% stake in the realty firm through open market.

On Wednesday, April 26, 2017, L&T Mutual Fund A/c L&T Monthly Income Plan had purchased 950,000 equity shares representing 2.3% stake in realty Company at Rs 130.25 per share, the NSE bulk deal data shows. CLICK HERE TO READ FULL REPORT

India Opportunities Growth Fund Ltd, Pinewood Strategy had sold nearly entire its stake or 950,000 shares at Rs 130.25 per share, data shows.

As of March 31, 2017, India Opportunities Growth Fund Ltd, Pinewood Strategy held 964,151 shares or 2.34% stake in Arihant Superstructures, according to shareholding pattern.

On Tuesday, April 25, Arihant Superstructures, a real estate company with dominant presence in the affordable housing segment announced offers on affordable 2BHK in Jodhpur under Mukhya Mantri Jan Awas Yojna 2015. The company has tie up with Axis bank for the application form for ease access for the common man.

At 01:50 pm; the stock was up 8% at Rs 149 on NSE as compared to 0.10% rise in the Nifty 50 index. A combined 682,939 shares changed hands on the counter on NSE and BSE so far.