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  1. 3 instances in 2 days: Shares rally on reports of Rakesh Jhunjhunwala, Porinju, RK Damani buying stake

3 instances in 2 days: Shares rally on reports of Rakesh Jhunjhunwala, Porinju, RK Damani buying stake

In the last two days alone, D-Street has recorded three instances of share price rally after reports of ace investors Rakesh Jhunjhunwala, Porinju Veliyath and Radhakrishnan Damani buying equity stake in the respective companies. We take a closer look.

By: | Published: February 21, 2018 1:37 PM
Share prices of airline major Spicejet rallied by nearly 4% this morning to hit an intra-day high of Rs 145.2, after news reports said that the big bull of Dalal Street Rakesh Jhunjhunwala has purchased 10 lakh additional shares in the company. (Image: Reuters)

Ace investors Rakesh Jhunjhunwala, Porinju Veliyath and Radhakrishnan Damani are known for their ability to pick multi-bagger stocks, and very often reports of a stake purchase by these top investors sparks off a rally in the respective company’s share prices. In the last two days alone, D-Street recorded three such instances. We take a closer look at the respective share price rallies.

Spicejet shares rally on reports of Rakesh Jhunjhunwala buying stake

Share prices of airline major Spicejet rallied by nearly 4% this morning to hit an intra-day high of Rs 145.2, after news reports said that the big bull of Dalal Street Rakesh Jhunjhunwala has purchased 10 lakh additional shares in the company. The ace investor’s name does not feature in investors holding more than 1% stake in Spicejet according to data filed by the company for the latest quarter ended 31st December 2017.

Kaya shares rally on Porinju’s stake buy

While reports of Rakesh Jhunjhunwala’s purchase sparked off a rally in the shares of Spicejet today, Kaya Ltd shares rallied by more than 5% yesterday after smallcap czar Porinju Veliyath-run Equity Intelligence India picked up a minor stake in the company. According to stock exchange data, Equity Intelligence India and EQ India Fund, run by Porinju Veliyath acquired 13,350 shares (representing 0.1 percent of total paid up equity) of the company on Monday. Instances of share prices zooming after a Porinju Veliyath stake buy have been plenty in the past too. In January this year, shares of Som Distilleries & Breweries zoomed by more than 30% in just two trading session to hit 52-week high of Rs 263, after Porinju Veliyath’s company bought a minor stake in the company.

Track live stock prices: Spicejet, Kaya, Fortis Healthcare

Reports of RK Damani stake buy in Fortis Healthcare sparks off a rally

Yesterday shares of Fortis Healthcare too recorded a 4% jump in shares after D-Mart promoter and billionaire investor Radhakrishnan Damani’s Derive Investments picked up an equity stake in the company. Radhakishan Damani’s firm has purchased 26.5 lakh shares or 0.5% equity stake in the company. Radhakrishnan Damani’s firm had bought the shares on Monday at Rs 144.5 through block deals; data with NSE showed. Earlier this week, Porinju Verliyath had confrimed to CNBC TV18 that he has bought a stake in Fortis Healthcare. Porinju is bullish on the changing landscape of corporate governance in India. Giving an example of how to play the corporate governance theme, Porinju Veliyath says that the shares of Fortis Healthcare rallied after promoters Malvinder and Shivinder Singh resigned.

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