Basmati rice stocks rally; KRBL up 8% on fund buying

Kohinoor Foods, KRBL and LT Foods were up 8% to 15% on BSE in intra-day trade.

Shares of basmati rice producers rallied by up to 15% on the BSE on back of heavy volumes in otherwise subdued market after the Pabrai Investment Fund bought nearly three percentage point stake in KRBL through open market purchases.

Kohinoor Foods (up 15% at Rs 79.85), KRBL (8% at Rs 647) and LT Foods (8% at Rs 99.65) have rallied more than 7% on the BSE. On comparison, the S&P BSE Sensex was trading 0.1% higher at 34,336 at 10:20 am.

On Monday, February 12, 2018, The Pabrai Investment Fund II LP and The Pabrai Investment Fund IV LP had bought combined 6.41 million equity shares representing 2.73% stake of KRBL for Rs 3.81 billion.

The Pabrai Investment Fund II LP bought 2.4 million shares at Rs 594 and The Pabrai Investment Fund IV LP bought 4.02 million shares at Rs 594, the bulk deal data shows.

Abdullah Ali Balsharaf and Omar Ali Obaid Balsaraf sold 3.25 million shares each at Rs 594 on the BSE. CLICK HERE FOR BULK DEAL DATA

The stock of KRBL is trading close to its 52-week high of Rs 673 touched on December 21, 2017 on BSE in intra-day deal. It rallied 17% in past five trading sessions from Rs 551 on February 6, 2018.