Dhanuka Agritech jumps on fund buying

Dhanuka Agritech rose 3.60% to Rs 255 at 12:11 IST on BSE after HDFC Midcap Opportunity Fund bought 1.80% stake in the company through a bulk deal on Wednesday, 16 April 2014.

Meanwhile, the BSE Sensex was up 190.62 points, or 0.86%, to 22,467.85.

On BSE, so far 8,591 shares were traded in the counter, compared with an average volume of 93,752 shares in the past one quarter.

The stock hit a high of Rs 258.70 and a low of Rs 252.25 so far during the day. The stock hit a 52-week high of Rs 286.10 on 19 March 2014. The stock hit a 52-week low of Rs 116.15 on 23 April 2013.

The stock had underperformed the market over the past one month till 15 April 2014, sliding 2.53% compared with the Sensex's 3.10% rise. The scrip had, however, outperformed the market in past one quarter, rising 27.70% as against Sensex's 5.62% rise.

The small-cap company has an equity capital of Rs 10 crore. Face value per share is Rs 2.

On Wednesday, 16 April 2014, HDFC Midcap Opportunity Fund acquired 8.99 lakh equity shares, or 1.80% equity, of Dhanuka Agritech at Rs 231 per share on BSE.

Shares were acquired from 2020 Equity Investors, which sold 10 lakh equity shares of Dhanuka Agritech at Rs 231 per share on BSE.

Dhanuka Agritech's consolidated net profit surged 35.3% to Rs 32.05 crore on 24% growth in net sales to Rs 253.40 crore in Q2 September 2013 over Q2 September 2012.

Dhanuka Agritech is engaged in the manufacture of various technical-grade pesticides which includes insecticides and weedicides.

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