Sudarshan Chemical hits new high on FIIs buying; surges over 75% in one month

The stock hit a record high of Rs 383, appreciated 79% from Rs 214, as compared to 1.4% rise in the Sensex.

Sudarshan Chemical Industries has rallied to its new high of Rs 383, up 6% on the National Stock Exchange (NSE) after foreign institutional investors (FIIs) bought nearly two percent stake in the specialty chemicals maker in past one month through open market purchases.

Morgan Stanley Asia (Singapore) PTE and Morgan Stanley Mauritius Company have collectively bought 1.13 million equity shares representing 1.63% stake in Sudarshan Chemical Industries.

On Wednesday, August 17, Morgan Stanley Mauritius Company bought 408,363 shares of the company at an average price of Rs 356.96 per share, the NSE bulk deal data shows.

Earlier, in July 25, Morgan Stanley Asia (Singapore) PTE had purchased 355,217 shares of the company at an average price of Rs 288.53 per share. On July 27, it bought an additional 364,070 shares at an average price of Rs 302.50 per share, data shows. LINK

According to shareholding pattern data as of June 30, 2016, Morgan Stanley held nil holding in the company.

The stock has seen a strong run-up in past one month, appreciated 79% from Rs 214, as compared to 1.4% rise in the S&P BSE Sensex.

Sudarshan Chemical Industries is one of the leading manufacturers of color & effect pigments in India. The company's products primarily serve the coatings, plastics, inks and cosmetics markets.

At 11:22 am, the stock was up 2.6% at Rs 372 on the NSE, with a combined 716,344 shares changed hands on the BSE and NSE.