Ishan Dyes zooms 37% in two trading sessions as Shankar Sharma buys stake

Ace investor Shankar Sharma bought 7 lakh shares, representing 4.4 per cent equity, of Ishan Dyes at an average price of Rs 121.71 per share in a bulk deal on February 08.

Shares of specialty chemicals maker, Ishan Dyes & Chemicals, soared nearly 20 per cent to a high of Rs 166 in Wednesday's intraday trade amid heavy volumes, after ace investor Shankar Sharma bought a significant stake in the company in the previous trading session via open market deals.

According to the BSE bulk deals data, Shankar Sharma bought 7-lakh shares, representing 4.4 per cent equity, of Ishan Dyes at an average price of Rs 121.71 per share. Simiarly, Standard Greases & Specialities, too, purchased 1-lakh shares at Rs 123 per share, data show.

Post the bulk deals, the stock has soared a massive 37.5 per cent in just two trading sessions. As of 10:10 AM on Wednesday, the stock traded at record high levels, up 15.3 per cent at Rs 160, and the counter has seen trades of around 10.22-lakh shares so far on the BSE as against the two-week daily average traded volume of 4.74 lakh shares. Meanwhile, the BSE Sensex was up 0.8 per cent (480 points) at 58,289.

According to the data available, promoter Piyushbhai Natvarlal Patel sold 20-lakh shares, or 12.5 per cent stake in Ishan Dyes at an average price of Rs 123.83 per share. Total promoter shareholding in the company as of the December quarter stood at 58.5 percent, which includes 24.9 percent stake held by Piyushbhai. VIEW BSE BULK DEALS DATA HERE

For the quarter ended December 2021, the company reported a 9.1 per cent year-on-year (YoY) growth in net profit at Rs 5.04 crore when compared with Rs 4.62 crore in the corresponding quarter a year ago. Total income, however, declined 35.9 per cent YoY to Rs 15.86 crore from Rs 24.76 crore in the same comparable period.

Further on February 03, 2022, the company informed BSE that its factory in Gujarat had become fully operational and stabilized and the company expects to start yielding favorable results from the same.

Over the next few years, the company plans to invest around Rs 100 crore into the new projects which will also support the Atmanirbhar Bharat Abhiyan. The new projects will accelerate to increase the revenue and profitability for the company during the forthcoming years, the release added.