Greaves Cotton advances 17% in two days as promoter increases stake in firm

Thus far in November, D B H International Private Limited and Karun Carpets have collectively bought 1.86 million equity shares of the company for Rs 13.67 crore.

Shares of Greaves Cotton gained 12 per cent to Rs 85.90 on the BSE in intra-day trade on Friday, thereby surging 17 per cent in the past two trading days after promoter increased stake in the company via open market purchases.

On Wednesday, November 25, 2020, D B H International Private Limited, the promoter group Greaves Cotton has acquired 207,500 equity shares of company at an average price of Rs 73.82 per share, according to disclosure made by company to the stock exchange.

Thus far in November, D B H International Private Limited and Karun Carpets Private Limited have collectively bought 1.86 million equity shares of the company for Rs 13.67 crore, data shows. CLICK HERE FOR FULL DETAILS

Meanwhile, Small World Fund Inc had sold 1.78 million equity shares, representing 0.77 per cent stake of Greaves Cotton, at Rs 74.45 per share on Thursday, November 26 via bulk deal on the BSE, the exchange data shows. The names of the buyers were not ascertained immediately.

Earlier, on November 19, Small World Fund Inc had offloaded 5.38 million shares or 2.32 per cent of its holding in the company via open market. The foreign portfolio investor held 18.5 million shares or 8 per cent stake in Greaves Cotton at the end of September quarter, the shareholding pattern data shows.

At 12:24 pm, the stock was trading 9 per cent higher at Rs 83.40 on the BSE, as compared to a 0.12 per cent decline in the S&P BSE Sensex. The trading volumes on the counter more-than-doubled as around 12 million shares changed hands on the NSE and BSE.