Kolte-Patil Developers surges on FII stake buys

The stock has rallied 190% since September 2012, compared to less than 6% gain in benchmark Sensex.

Kolte-Patil Developers has surged 10% to Rs 131 after the Pune-based real estate company said that foreign institutional investors (FIIs) have acquired about 1% stake in the company during December quarter.

The stock opened at Rs 119 and hit a 52-week high of Rs 133 on the BSE. As many as a combined three million shares have already changed hands on the counter so far against an average sub one million shares that were traded daily in past two weeks.

“FIIs have purchased 579,566 shares or 0.76% stake in the company between October-December,” according to latest shareholding pattern data filed by the company. FIIs held nil holding in the company at the end of September quarter, the BSE data shows.

 

The mid-cap realty company is in focus after the Union Cabinet cleared the Land Acquisition Bill. The stock has rallied 190% since September 2012, as compared to less than 6% gain in benchmark Sensex.