Geometric rallies on stake hike by Rakesh Jhunjhunwala

Acquires almost 1.59% stake through two block deals on the BSE and NSE on Monday.

Geometric Limited has rallied 10% to Rs 69.40 after high net worth investor Rakesh Jhunjhunwala acquired almost 1.59% stake in the mid-cap IT firm through two block deals on the BSE and NSE on Monday.

"Rakesh Jhunjhunwala bought 500,000 Geometric shares on the NSE and 496,000 shares on the BSE at Rs 62.51 per share each,” according to information available on the stock exchanges.

Jhunjhunwala holding in the company will cross 10% mark after this acquisition, as he held 8.46% stake in the company as on March 31, 2012, the shareholding pattern data shows.

As many as a combined 943,816 shares have changed hands on the counter so far, against an average sub 250,000 shares that were traded daily in past two weeks on the NSE and BSE.