Advanced Enzyme extends rally, zooms 45% in 1 week after FPI hikes stake

Advanced Vital Enzymes Private Limited, the promoter of the company, had sold 3 million equity shares or 2.69 per cent stake at price of Rs 265 per share on the NSE on September 24

Shares of Advanced Enzyme Technologies hit a fresh 52-week high of Rs 332, ralling 13 per cent on the National Stock Exchange (NSE) on Wednesday, on the back of heavy volumes in an otherwise subdued market. In the past one week, stock of the agricultural products company has zoomed 45 per cent after foreign portfolio investors (FPIs) bought nearly 4 per cent stake in the company via open market. In comparison, the Nifty50 index was up 1 per cent during the period.

On Thursday, September 24, Nalanda India Equity Fund bought 4.19 million equity shares, representing 3.75 per cent stake, in Advanced Enzyme for Rs 111 crore. The FPI purchased shares at Rs 263.80 per share on the NSE via bulk deals, the exchange data show.

On the same day, Advanced Vital Enzymes Private Limited, the promoter of the company, had offloaded 3 million equity shares or 2.69 per cent stake at price of Rs 265 per share on the NSE. Post transaction, Advanced Vital Enzymes stake in the company declined to 11.97 per cent from 14.66 per cent earlier, Advanced Enzyme Technologies said. Name of the other sellers could not be ascertained.

Meanwhile, BSE sought clarification from Advanced Enzyme Technologies on September 30, 2020 with reference to significant movement in price in order to ensure that investors have latest relevant information, and to safeguard the interest of the investors. The company is yet to respond.

At 12:21 pm, the stock was trading 11 per cent higher at Rs 327 on the NSE, as compared to 0.10 per cent gain in the Nifty50 index. A combined 1.95 million equity shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.