 "Man Industries extends rally on stake buy by investor Ashish Kacholia")
Shares of Man Industries (India) were trading higher by 6% to Rs 117, extending their previous day’s 15% rally on the NSE, after investor Ashish Kacholia acquired stake in the company through open market.
On July 8, Ashish Kacholia purchased 500,000 equity shares representing 0.88% of total equity of Man Industries at an average price of Rs 110.76 per share, the NSE bulk deal data shows.
The stock opened at Rs 117 and touched a 52-week high of Rs 123 on the NSE. The trading volumes on the counter more than doubled, with a combined 2.91 million shares changing hands on the NSE and BSE till 1123 hours.
Meanwhile, the market value of the company has almost doubled post its January-March (Q4FY15) quarter results. It appreciated by 89% from Rs 62 on April 28 compared to a 1% rise in the CNX Nifty.
The company, which is engaged in the construction & engineering business, reported a standalone net profit at Rs 44.79 in Q4FY15 against Rs 2.70 crore in the corresponding quarter of previous fiscal.
On July 8, Ashish Kacholia purchased 500,000 equity shares representing 0.88% of total equity of Man Industries at an average price of Rs 110.76 per share, the NSE bulk deal data shows.
The stock opened at Rs 117 and touched a 52-week high of Rs 123 on the NSE. The trading volumes on the counter more than doubled, with a combined 2.91 million shares changing hands on the NSE and BSE till 1123 hours.
Meanwhile, the market value of the company has almost doubled post its January-March (Q4FY15) quarter results. It appreciated by 89% from Rs 62 on April 28 compared to a 1% rise in the CNX Nifty.
The company, which is engaged in the construction & engineering business, reported a standalone net profit at Rs 44.79 in Q4FY15 against Rs 2.70 crore in the corresponding quarter of previous fiscal.