Sharda Cropchem surges on HDFC Mutual Fund stake buy

On September 24, HDFC Mutual Prudence Fund bought 970,000 shares of Sharda Cropchem at Rs 241.64 per share.

Shares of newly listed agrochemicals company Sharda Cropchem has surged 5% to Rs 265, in otherwise weak market, after HDFC Mutual Fund bought nearly one million shares of the company from the open market.

On September 24, HDFC Mutual Prudence Fund bought 970,000 shares representing 1.08% stake in Sharda Cropchem at Rs 241.64 per share in a bulk deal, the NSE data shows.

The stock opened at Rs 259 and touched a high of Rs 269 on NSE.  A combined around six million shares changed hands on the counter so far on NSE and BSE. The benchmark CNX Nifty was down 0.49% at 1320 hours.