Shares of Alembic surged 9 per cent to hit a 52-week high of Rs 111.80 on the BSE on Thursday. The stock has gained over 30 per cent so far in September after the promoter group company Nirayu Limited bought an additional nearly 1 per cent stake in the company via open market. The stock has surged 31 per cent in the past eight trading days, as compared to a 0.17 per cent decline in the S&P BSE Sensex.
Between September 2, 2020, and September 4, Nirayu Limited, a promoter group company, purchased 1.56 million equity shares, representing 0.61 per cent stake of Alembic, from the open market, the exchange data shows. The names of sellers were not ascertained immediately.
As of June 30, 2020, the total promoter holding in Alembic stood at 69.57 per cent, up 195 basis points (bps) from 67.62 per cent at the end of March quarter.
Alembic is engaged in pharmaceuticals, real estate, and power assets businesses. The company is engaged in the manufacturing and marketing of fermentation and chemistry-based Active Pharmaceuticals Ingredients (API). The Company is also engaged in research and development activity at Vadodara.
It has also given certain commercial properties on lease basis to various tenants. It is also engaged in power generation through Co-Generation with plants of total of 11 MW and wind power with 4 Windmills of total 5 MW.
At 10:44 am, the stock was trading 8 per cent higher at Rs 110 on the BSE, as compared to a 1 per cent rise in the S&P BSE Sensex. The counter has seen huge trading volumes with a combined 2.4 million equity shares changing hands on the NSE and BSE so far.