ADF Foods hits 5% upper circuit after stake purchase by Ashish Kacholia

On Monday, Ashish Kacholia purchased 148,871 shares or 0.74 per cent equity of ADF Foods at Rs 377.99 each on the NSE.

Shares of ADF Foods were frozen at the upper circuit limit ( up 5 per cent) for the second straight day on the NSE on Tuesday. The stock has surged 11 per cent in two days after investor Ashish Kacholia bought nearly one percentage point stake in the packaged foods company through the open market.

Till 09:43 am, a combined around 22,000 equity shares had changed hands and there were pending buy orders for 95,894 shares on the NSE and BSE. In the past six months, the stock has rallied 141 per cent against a 14 per cent rise in the Nifty 50 index.

On Monday, Ashish Kacholia bought 148,871 shares or 0.74 per cent equity of ADF Foods at Rs 377.99 each on the NSE, the bulk deal data shows. The name of the sellers were not ascertained immediately.

As per the latest corporate shareholdings filed, Ashish Kacholia holds more than 1 per cent stake in mid-and-smallcap IT companies such as NIIT, Birlasoft, Majesco, KPIT Technologies, and Mastek. Ashish Kacholia also has holdings in Shaily Engineering Plastics, Apollo Pipes, Poly Medicure, Paushak, Hikal, and HLE Glasscoat.

ADF is a consumer-focused company and a leader in prepared ethnic food offering ready-to-eat (RTE) items, ready-to-cook (RTC) items, sauces, pickles, pastes, dips, and frozen foods under its seven flagship brands.