Bhagiradha Chemicals up 62% in 2 days after Ratnabali Investment buys stake

The stock rallied 19% to Rs 333, surging 62% from its Wednesday' low of Rs 206 after Ratnabali Investment and Aditya Goenka bought nearly 15% stakes in agrochemicals company through open market.

Shares of Bhagiradha Chemicals & Industries have rallied 19% to Rs 333 per share on the BSE in intra-day trade, surging 62% from their Wednesday’s low of Rs 206 after Ratnabali Investment Private Limited and Aditya Goenka bought nearly 15% stakes in agrochemicals company through open market.

“On Wednesday, June 27, 2018, Ratnabali Investment Private Limited and Aditya Goenka had acquired 1.15 million equity shares representing 14.76% stake of the company at price of Rs 206 per share through open market,” Bhagiradha Chemicals & Industries said in a BSE filing.

Ratnabali Group and Aditya Goenka had stake in agrochemicals company Excel Crop Care, which they sold to the Japanese conglomerate, Sumitomo, in June 2016.

Meanwhile, Chetan Shantilal Shah had purchased 382,000 shares at price of Rs 206 per share, while Dipesh Kantisen Shroff bought 237,760 shares at Rs 212.46 per share of Bhagiradha Chemicals & Industries, the bulk deal data shows.

Nagarjuna Impex Private Limited, Royal Touch Multitrade Private Limited and other investors had sold a combined 2.15 million shares or 27.62% stake through bulk deals, the BSE data shows. CLICK HERE FOR BULK DEALS DATA

At 12:32 pm; Bhagiradha Chemicals & Industries was trading 17% higher at Rs 326 on the BSE, as compared to 0.81% rise in the Sensex. Around 64,000 equity shares changed hands on the counter, the exchange data shows.