McLeod Russel India rebounds 14% from intra-day low; hits new 52-week high

The stock moved higher to its fresh 52-week high of Rs 233, up 6%, bouncing back 14% from early morning low of Rs 205

McLeod Russel moved higher to its fresh 52-week high of Rs 233, up 6%, bouncing back 14% from early morning lows, after promoter of the company sold over 9% stake in the company through open market. The stock was down 6% to Rs 205 on the BSE in intra-day trade.

“Mr. Kamal Kishore Baheti, in his capacity as the Trustee for Borelli Tea Holdings Limited, informing that he has sold 10 million equity shares of Rs 5 each representing 9.14% of the paid-up share capital of our company today through market trades at the current market price,” McLeod Russel India said in a BSE filing.

As of September 30, 2017, Kamal Kishore Baheti (Trustee - Borelli Tea Holdings Limited) held 27.07% or 24.73% stake in McLeod Russel India, the shareholding pattern data shows.

In past two weeks, the stock of tea and coffee company outperformed the market by gaining 40% as compared to 0.76% rise in the S&P BSE Sensex.

At 10:40 AM; the stock was trading 4% higher at Rs 228 against 0.76% decline in the benchmark index. A combined 17.5 million shares changed hands on the counter on the BSE and NSE so far.