Rallis India surges on stake buys by Rakesh Jhunjhunwala

Rallis India has surged 7% to Rs 133 in opening trades after the billionaire investor Rakesh Jhunjhunwala bought 952,000 shares of the company worth of around Rs 12 crore through open market transaction.

“Rakesh Jhunjhunwala has acquired 952,000 shares representing 0.49% stake in the company through open market purchase on June 5, 2012,”a Tata Group company said in a filing.

Total holding of Rakesh Jhunjhunwala in agrochemicals maker has increased to 8.46% from 7.97% after the acquisition, it added.

The stock opened at Rs 130 and hit a low of Rs 129 on the National Stock Exchange. A combined 362,243 shares have already changed hands on the counter in morning trades on both the exchanges.