Snowman Logistics extends rally on stake buy by Reliance MF, Radhakishen Damani

Radhakishen Damani and Reliance MF had collectively purchased 6 million shares of Snowman Logistics on Friday.

Snowman Logistics has locked in upper circuit of 5% at Rs 82.65, extending its 70% surge on listing day, after mutual fund and high net worth individual bought more than three percent stake in the company through open market on Friday.

At 0920 hours, a combined 42,917 shares changed hands and there are pending buy orders for 4.72 million shares on NSE and BSE.

One of India's ace investors, Radhakishen Damani and Reliance Mutual Fund had collectively purchased 5.97 million shares representing 3.58% stake of Snowman Logistics on the listing day.

Radhakishen Damani bought 2.37 million shares of a cold storage company through his fund, Derive Investments, at price of Rs 78.90, according to NSE data on bulk deals.

Reliance Mutual Fund bought 2 million shares at Rs 79.04 per share, while Reliance Mutual Fund Tax Saver (ELSS) Fund had acquired 1.6 million shares at Rs 79.80 per share on NSE, the bulk deal data shows.

However, Kotak Mahindra Bank had sold 1.54 million shares at Rs 79.67 per share, data shows.