Dolly Khanna buys nearly 1% stake in Ajanta Soya; stock zooms 32% in 2 days

Shares of Ajanta Soya hit 20 per cent upper circuit at Rs 183.75 on the BSE on Tuesday after ace investor Dolly Khanna bought nearly 1 per cent stake in the edible oil company via an open market transcation. The stock was trading at its record high level, and has surged 32 per cent in the past two trading days.

On Monday, November 22, 2021, Dolly Khanna purchased 140,000 equity shares, representing 0.87 per cent of total equity of Ajanta Soya, at price of Rs 147.72 per share on the BSE, exchange data shows. As of September 30, 2021, Dolly Khanna had no holding in the company, shareholding pattern data suggested.

Till 10:55 am, 269,000 equity shares had changed hands on the counter and there are pending buy orders for 73,571 shares on the BSE. In comparison, the S&P BSE Sensex was down 0.47 per cent at 58,190 points.

Currently, the stock is classified in the X category on the BSE. X group consists of all those stocks which are only listed on BSE and are settled on a trade-to-trade basis.

The company's management in FY21 annual report had said that the continued growth of the Indian Foods marketer presents an enormous opportunity for a steady growth in revenues and profits for companies like us. Also, with the rural India being revisited by marketers through the modern retail (haat) philosophy, the opportunity is huge.

"Increasing income, urbanisation, changing food habits and deeper penetration of processed foods will be key drivers of future consumption growth of edible oil in the country. Competition from Indian and global players remain a matter of concern and probable threat; while the company is well prepared to tackle such issues on an ongoing basis," the management said.