Man Industries (India) has locked 5% of upper circuit at Rs 216, also its lifetime high after the promoters raised their holdings in the company through open market purchase.
“Man Finance along with Rameshchandra Mansukani and his family members have acquired 776,459 million shares representing 1.35% stake of the company in past one week through market purchase,” Man Industries said in a filing.
The stock of construction and engineering company outperformed the market have seen its market price more than double from Rs 101 on August 30 on the Bombay Stock Exchange.
A combined 12,414 shares have already changed hands on the counter in morning trades and there are pending buy orders for 739,442 shares on both the exchanges.