 "Royal Orchid Hotels surges over 30% in three days after SBI MF exit")
Royal Orchid Hotels has rallied 11% to Rs 84.35, extending its 20% surge in past two trading sessions on the National Stock Exchange (NSE), after SBI Mutual Fund has sold its entire 8.44% stake in the company through open market.
The stock hit a 52-week high of Rs 88.45 in intra-day trade and has seen an over three-fold jump in trading volumes. A combined 2.3 million shares have changed hands on the counter on the BSE and NSE till 10:51 a.m.
On December 31, 2015, SBI Mutual Fund under its various schemes has sold 2.30 million shares representing 8.44% stake of the company through market sale, Royal Orchid Hotels said in a statement.
The name of the buyers however, has not disclosed by the company.
Sunny Veliyath Porinju bought 150,000 equity shares and Pace Stock Broking Services Private Limited purchased 135,000 shares of the company, the NSE bulk deal data shows.
In past three trading sessions, the stock rallied 33% from Rs 63.55 on the NSE as compared to 0.29% decline in the Nifty 50 index.
The stock hit a 52-week high of Rs 88.45 in intra-day trade and has seen an over three-fold jump in trading volumes. A combined 2.3 million shares have changed hands on the counter on the BSE and NSE till 10:51 a.m.
On December 31, 2015, SBI Mutual Fund under its various schemes has sold 2.30 million shares representing 8.44% stake of the company through market sale, Royal Orchid Hotels said in a statement.
The name of the buyers however, has not disclosed by the company.
Sunny Veliyath Porinju bought 150,000 equity shares and Pace Stock Broking Services Private Limited purchased 135,000 shares of the company, the NSE bulk deal data shows.
In past three trading sessions, the stock rallied 33% from Rs 63.55 on the NSE as compared to 0.29% decline in the Nifty 50 index.
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