Archies zooms 57% in two weeks on stake hike by promoter

The locked in upper circuit of 10% at Rs 50.25, also its 52-week high on the BSE, extending its an over 40% surge in past nine days.

Archies is locked in upper circuit of 10% at Rs 50.25, also its 52-week high on the BSE, extending its over 40% surge of the past nine days after promoter Anil Moolchandani hiked stakes in the company through open market.

“Anil Moolchandani, Chairman and Managing Director of the Archies purchased 20,000 shares of the company on 08/12/2017 at the consideration value of Rs 6.87 lakh and further purchased 20,000 shares of the company on 11/12/2017 at the consideration value of Rs 6.70 lakh from the open market,” Archies said in a regulatory filing on December 12, 2017.

Anil Moolchandani held 6.79 million or 20.11% stake in Archies as on September 30, 2017, the shareholding pattern data shows.

The names of the sellers were not identified immediately.

In past two weeks, the stock has zoomed 57% from Rs 31.95 on December 6, 2017, against 4% rise in the S&P BSE Sensex.

The company engaged in manufacturing and trading of a wide range of cards, stationery and gifts items under the brand name Archies had reported net profit of Rs 30 lakh in September 2017 quarter. It posted net loss of Rs 1.77 crore in the same quarter last year and Rs 6.28 crore loss in June 2017 quarter.

Till 11:34 AM; a combined 391,000 shares changed hands and there were pending buy orders for 566,816 shares on the BSE and NSE so far.