Sagar Cements rallies 24% in four days on HDFC Mutual Fund stake buys

The stock hit a new high of Rs 1,048, up 15%, extending its past three days gain after the HDFC Mutual Fund bought an additional 2.55% stake in the company via open market.

Sagar Cements hit a new high of Rs 1,048, up 15% on BSE in intra-day trade, extending its past three days gain after the HDFC Mutual Fund bought an additional more than two percentage point stake in the company through open market. In past four trading sessions, the stock rallied 24% from Rs 843 on December 28, 2017.

“On December 29, 2017, HDFC Mutual Fund, HDFC Trustee Company Limited A/c HDFC Prudence Fund has purchased 520,000 equity shares representing 2.55% stake in Sagar Cements via open market,” HDFC Mutual Fund said in a BSE filing.

Post acquisition, HDFC Mutual Fund’s total holding in Sagar Cements increased to 7.67% from 5.12%. The name of the sellers however, not ascertained immediately.

At 10:56 AM; the stock was trading 9% higher at Rs 996 on BSE, as compared to 0.34% rise in the S&P BSE Sensex. A combined 100,768 shares changed hands on the counter on the BSE and NSE so far.