Ashapura Minechem rallies 9% as Porinju Veliyath#39;s Equity Intelligence ups stake
Ashapura Minechem shares rallied 9.4 percent intraday Friday after ace investor Porinju Veliyath’s Equity Intelligence raised its stake in the company.
The firm has purchased 7.42 lakh shares (representing 0.85 percent of total paid-up equity) of the company via open market transaction on November 16.
Equity Intelligence’s shareholding in the company increased to 5.35 percent from 4.5 percent earlier, as per the BSE filing.
Ashapura is the largest producer of Bentonite in India and third largest in the world. It is also one of the world’s largest Bauxite exporters.
At 14:46 hours IST, the stock price was quoting at Rs 89.75, up Rs 6.95, or 8.39 percent on the BSE.