Andhra Paper rallies 17% after Bright Star Investments buys 1.25% stake

On June 26, 2020, Bright Star Investments purchased 500,000 equity shares, representing 1.26 per cent of the total equity of Andhra Paper, at a price of Rs 206.23 per share on the NSE via the bulk dea

Shares of paper companies rallied up to 17 per cent in the intra-day trade on the National Stock Exchange (NSE) on Monday in an otherwise weak market after Radhakishan Damani-owned Bright Star Investments acquired a more than 1 per cent stake in Andhra Paper via open market on Friday.

Andhra Paper rallied 17 per cent to Rs 247.45 during the session on the back of heavy volumes. The trading volumes on the counter jumped an over 10-fold with a combined 4.4 million equity shares changing hands on the NSE and BSE till 12:06 pm.

“On June 26, 2020, Bright Star Investments purchased