Shares of Som Distilleries & Breweries are on a rising spree after ace investor Porinju Veliyath picked up 1.5 lakh shares of the company.
Shares of Som Distilleries & Breweries are on a rising spree after ace investor Porinju Veliyath picked up 1.5 lakh shares of the company. Porinju Veliyath Equity Intelligence India bought 1.5 lakh shares of the company on BSE at Rs 197 a share in a bulk deal on Wednesday. The shares were trading up by more than 12% this morning, and hit an intra-day high of Rs 264 on BSE. Interestingly, the shares have rallied by more than 32% since the ace investor’s bid of Rs 197.
Instances of share prices rising after the ace investor increased stake have not been uncommon. In November-17, shares of Ashapura Minechem rallied more than 9% intra-day after ace investor Porinju Veliyath’s Equity Intelligence India increased its stake to 5.35% in the company. The firm has purchased 7.42 lakh shares (representing 0.85% of total paid-up equity) of the company via open market transaction on November 16.
Porinju Veliyath’s ability to spot multibagger stocks needs no elaboration. The Kochi-based MD and CEO of Equity Intelligence India had spotted names such as Wockhardt, Orient Paper, Piramal Enterprises, Kitex Garments, Force Motors and Biocon, which have multiplied many times over since he spotted them. What is the investor bullish on in 2018?
In a recent interview with ET Now, the Kochi-based investor said, “We are making a bet on GVK because some of the infrastructure companies may not have that much clean and healthy balance sheets today but if they have good execution capabilities, India is offering them great opportunities going forward. It is better than what we had at the best of times in the past, maybe 10 years ago.” Notably, GVK Power & Infrastructure shares GVK Power and Infrastructure rallied by 5% to Rs 24.35 this morning. The company had signed a concession agreement for the mega Rs 16,000 crore Navi Mumbai Airport project on Monday.
Sharing his outlook on the markets enter in new year 2018, ace investor Porinju Veliyath says that investors will be disappointed if they invest into the benchmark indices Sensex and Nifty. “2018 as a calendar year I feel is going to be more challenging for the Sensex and Nifty perhaps but at the same time a lot of people will be again disappointed. The same people who were cautioning last one year, will be again disappointed next year when they numbers come up,” the expert told ET Now.