Berger Paints extends gain on stake hike by UK Paints

Berger Paints is trading higher by 2.5% at Rs 164, extending its past two-days 8% rally on the NSE, after the company said that UK Paints India has acquired an additional 0.35 million shares in the company from open market purchase.

UK Paints India, the largest shareholder in the company, which held 45.56% stake or 157.7 million shares in Berger Paints India at the end of September quarter, bought the 0.35 million shares from another promoter Meeta Dhingra, according to disclosure made by the company on the stock exchange.

The shares were purchased for an average price of Rs 151 per share aggregating the deal size to Rs 5.28 crore on December 19.

 

The stock opened at Rs 162 and has seen almost two-fold jump in trading volumes. As many as a combined 432,274 shares have already changed hands on the counter in morning deals against an average less than 230,000 shares that were traded daily in past two weeks.