WPIL zooms 20% on promoter stake buy

The stock trading at its 52-week high of Rs 721, rallied 38% in past two weeks from Rs 523 on October 28, against 3% rise in Sensex

WPIL is locked in upper circuit of 20% at Rs 721, also its 52-week high on the BSE, after the one of its promoter increased stake in the company by nearly one percentage points through open market transaction.

On October 27 and 30, V.N. Enterprises had purchased 56,174 equity shares or 0.58% stake in the company through open market on the BSE and the Calcutta Stock Exchange, WPIL said in a regulatory filing.

Earlier, on October 23 and 24, V.N. Enterprises had bought 37,256 or 0.38% stake in WPIL via open market purchase. Post these transactions, V.N. Enterprises holding in WPIL increased by 0.96 percentage points to 2.15% from 1.19%.

As of September 30, 2017, the total promoters holding in the company stood at 62.25%, while V.N. Enterprises held 1.18% stake, the shareholding pattern data shows.

In past two weeks, the stock rallied 38% from Rs 523 on October 18, as compared to 3% rise in the S&P BSE Sensex.

Till 12:09 PM; around 143,000 shares changed hands on the counter against an average 37,000 in past two weeks. There were pending buy orders for 6,085 shares on the BSE, the exchange data shows.

WPIL being one of the leaders in the pump industry foresees good growth in both domestic and international operations and continues to strengthen its business by diversifying across geographies and product categories to both de-risk and grow business. WPIL looks to cement its position in various geographies and market going forward.