Shakti Pumps extends gain after institutional buying

The stock was up 4% to Rs 551, extending its Friday's 1% gain on BSE in otherwise weak market, after Portfolio Management Schemes of Old Bridge Capital Management bought 81,434 shares from open market

Shakti Pumps (India) has rallied 4% to Rs 551, extending its Friday’s 1% gain on BSE in otherwise weak market, on institutional buying.

On February 1, 2018 Portfolio Management Schemes of Old Bridge Capital Management bought 81,434 shares representing 0.43% stake in Shakti Pumps through open market.

Post acquisition, total holding of Portfolio Management Schemes of Old Bridge Capital Management in Shakti Pumps increased to 5.3% from 4.87% earlier.

The name of the sellers not ascertained immediately.

Shakti Pumps (India) is a leading manufacturer of stainless steel submersible pumps and motors. It offers products including solar pumps, pressure booster pumps, sewage pumps, suction pumps, and open well pumps.

At 11:26 AM; the stock was trading 3.9% higher at Rs 549 on BSE as compared to 0.68% decline in the S&P BSE Sensex. A combined 233,407 shares changed hands on the counter on BSE and NSE.