Gujarat Alkalies hits 52-week high on stake hike by promoter

Gujarat Alkalies and Chemicals has surged 6% to Rs 206, also its 52-week high on BSE, in otherwise weak market after the promoter purchased additional stake in the company via open market purchase.

“Gujarat Industrial Development Corporation (GIDC) has acquired 194,623 shares of the company at an average market price of Rs 194.53 per share on March 25,” Gujarat Alkalies said in BSE filing.

Post acquisition, GIDC’s total shareholding in the company has increased to 3.35% from 3.08% earlier, the release said.

GIDC held 2.57% stake in the company engaged in commodity chemicals at the end of December 2012 quarter, the shareholding pattern data shows.

The stock has outperformed the market by surging 41% on BSE so far in current calendar year 2013 compared to 3.5% fall in benchmark Sensex.

Today, the stock opened at Rs 192 and has seen a combined 645,225 shares changing hands on the counter so far on BSE and NSE.