MRO-TEK rallies over 70% in one week as Jitendra Virwani increases stake

The stock is currently trading at its 52-week high of Rs 83.25, zooming 73% from Rs 48.10

MRO-TEK is locked in upper circuit of 10% to Rs 83.25, extending its past four day’s surge on the National Stock Exchange (NSE), on back of heavy volumes after Jitendra Virwani, a realty tycoon, increased its stake in the company through open market.

The stock currently trading at its 52-week high, has zoomed 73% from Rs 48.10 on September 20. The Nifty 50 index was down 0.30% during the same period.

Jitendra Virwani has bought an additional 340,978 shares representing 1.8% of total equity of MRO-TEK via open market purchases in previous two trading sessions, according to information available with the stock exchanges.

On September 23, Jitendra Virwani acquired 145,032 shares at price of Rs 62.17 per share, and on September 26 he bought 195,946 shares at Rs 71.58 per share via bulk deal, the NSE data shows.

Post acquisition, total holding of Jitendra Virwani in MRO-TEK increased to 19.60%. Jitendra Virwani bought more than seven percentage point stake in the company. He held 12.52% holding at the end of June 2016 quarter, the shareholding pattern data shows.

Till 11:09 am, a combined 1.84 million shares changed hands and there were pending buy orders for 206,566 shares on the NSE and BSE.