Apollo Pipes gains 10% in 2 days after Ashish Kacholia buys nearly 2% stake

Shares of Apollo Pipes gained 5 per cent to Rs 397 apiece in the intra-day trade on Tuesday, thus adding 10 per cent in the past two sessions, after ace investor Ashish Kacholia acquired nearly 2 per cent stake in the company via open market.

On Monday, September 23, Ashok Rameshchandra Kacholia bought 233,513 shares, representing 1.78 per cent of total equity of Apollo Pipes, at Rs 375 apiece in a bulk deal on the BSE.

Canara HSBC Oriental Bank of Commerce Life Insurance Company, on the other hand, sold a total of 140,000 shares at Rs 375 apiece. The insurance company had held 248,994 shares or 1.9 per cent stake in Apollo Pipes at the end of June quarter. The name of the other sellers were not ascertained immediately.

The market value of plastic products manufacturer had fallen one-third from its 52-week high of Rs 525 touched on September 24, last year till Friday.

Meanwhile, according to shareholding pattern, investor Ashish Kacholia held stake in 19 listed companies. The list includes NIIT, KPIT Technologies, GHCL, Hikal, Poly Medicure, Nocil and Birlasoft.