Sintex Industries zooms 47% in 7 days after Morgan Stanley stake buy

The stock hit 52-week high of Rs 38.55, up 10% on NSE on back of heavy volumes.

Sintex Industries hit 52-week high of Rs 38.55, up 10% on the National Stock Exchange (NSE) in intra-day trade, on back of heavy volumes.

The stock of plastic products maker has rallied 47% in past seven trading sessions from Rs 26.15 after foreign institutional investor, Morgan Stanley bought nearly one per centage point stake through open market purchase.

On July 12, 2017, Morgan Stanley (France) S.A.S. had purchased 3.57 million equity shares representing 0.64% stake in Sintex Industries at an average price of Rs 28.95 per share, the NSE bulk deal data shows.

At 03:11 pm; the stock was trading 8% higher at Rs 37.85, as compared to 0.27% decline in the Nifty 50. The trading volumes on the counter almost doubled with a combined 88 million shares changed hands on BSE and NSE.