J Kumar surges for second day after GMO buys stake

Written by Reuters | Updated: May 21 2014, 21:43pm hrs
Shares in India's J Kumar Infraprojects Ltd surges 13 percent adding to Tuesday's 11.5 percent gain, after U.S.-based global investment management firm GMO on Monday bought about a million shares in the company in a transaction estimated at about 102.1 million rupees ($1.74 million).

GMO Emerging Domestic Opportunities Fund bought 475,037 shares of the company at an average price of 215 rupees per shares in a block deal on Monday, BSE data shows.

Also, the company on Wednesday said it has received orders worth 4.68 billion rupees from various authorities.