Rain Commodities scrip touches 52-week high

The scrip of Hyderabad-based Rain Commodities Limited, manufacturer of Priya brand of cement, touched a 52-week high of Rs 208.35 on Tuesday and ended at Rs 197.05, up by Rs 21.90 from the previous close of Rs 175.15, following Citycorp Finance (India) Limited selling 6.2 million shares at Rs 176 a share in a bulk deal.

CitiGroup Global Markets Mauritius Private Limited bought 10.05 million shares, Reliance Capital Trustee (A/c Reliance Regular Saving Fund) 1 million shares, Franklin Templeton Mutual Fund (A/C Franklin India High Growth Co) 680,000 shares, Reliance Capital Trustee (A/c Reliance long term equity fund) 2 million shares, Franklin Templeton Mutual Fund (A/C Franklin India flexi cap fund) bought 1.32 million shares. They all have bought the shares at Rs 176.

Speaking to Business Standard, Rain Commodities vice-president (finance) Srinivas Rao attributed the stock movement to market dynamics. “There is no special input from the company,” he said, adding that the company had been consistent with its performance.

The stock what Citycorp divested today could be seven to eight per cent of the total holding. The deal was valued at Rs 109.28 crore.

Rain Commodities and its wholly-owned subsidiaries- Rain CII Carbon (India) Limited and Rain CII Carbon LLC (USA) are engaged in the production of cement, calcined petroleum coke (CPC) and power. It has a 2.49 million tonne per year CPC capacity and a 3.16 million tonne per year cement production capacity.