Delta Corp surges after stake buys by Rakesh Jhunjhunwala, Morgan Stanley

The stock moved higher by 7% to Rs 80.50 on the NSE in late-noon deals in an otherwise weak market.

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Shares of Delta Corp moved higher by 7% to Rs 80.50 on the NSE in late-noon deals in an otherwise weak market after ace investor Rakesh Jhunjhunwala, Morgan Stanley and East Bridge Capital Master Fund bought a combined 12.5 million shares for Rs 87 crore through the open market.

The stock has hit a high of Rs 78.50 on the NSE in intra-day trades, after rallying by 8.6% on Thursday. At 01:29 PM, the CNX Nifty was down 1.2% or 101 points at 8,272.

On August 20, Rekha Jhunjhunwala, wife of ace investor Rakesh Jhunjhunwala bought 3.5 million shares at Rs 70.6 per share, the NSE bulk deal data shows.

As of June 30, 2015, Rakesh and Rekha Jhunjhunwala collectively held 7.88% stake in Delta Corp, the shareholding pattern data shows.

East Bridge Capital Master Fund too purchased six million shares, while Morgan Stanley Asia (Singapore) acquired three million shares at an average price of Rs 69.35 per share.

Meanwhile, Route One Investment Company L.P. A/c Route One Fund LP sold its entire 3.22% or 7.42 million shares of Delta Corp at a price of Rs 69.36 per share, the bulk deal data shows.

The stock opened at Rs 75 and touched a low of Rs 72.55 on the NSE in early morning trades. The trading volumes on the counter jumped more than five-fold, with a combined 12.63 million shares changing hands on the NSE and BSE till 03:25 PM.