HLE Glascoat zooms 16%; here's what fueling the sharp rally at the counter

Shares of HLE Glascoat surged 16 per cent to Rs 587.55 on the National Stock Exchange (NSE) on the back of heavy volumes after DSP Mutual Fund on Tuesday acquired over 3 per cent stake in the company via block deals.

On Tuesday, September 26, DSP Mutual Fund A/c DSP Micro Cap Fund purchased 2.4 million equity shares representing 3.5 per cent of total equity of HLE Glascoat for Rs 121.25 crore. The mutual fund bought shares at an average price of Rs 505 via block deals on the NSE, the exchange data shows.

The company’s promoters Himanshu