Why This Dolly Khanna Portfolio Stock Is Surging Today

Tinna Rubber and Infrastructure saw shares surge over 6% on Wednesday to hit an intraday high of ₹494.95. As per the latest shareholding data, seasoned investor Dolly Khanna owns a 1.41% stake in the company.

What Happened: Today’s surge occurs as the Indian Oil Corporation has awarded the integrated waste tyre recycler a two-year contract for supplying Crumb Rubber Modifier (CRM) on a rate contract basis. The ₹107.5 crore contract is for IOCL plants at Mathura and Haldia. The company said that the current order is an "over 50% growth in total value from the previous contract".

See Also: What Is Bisleri’s Share Price And How To Buy

The stock was trading lower on Wednesday but soared as soon as the announcement was made at around 12:20 pm today. The company’s board plans to meet on May 24 to reveal the earnings for the March quarter and also discuss dividend payout.

Khanna cut her stake from 1.62% to 1.41% in the March quarter. With today’s surge, the value of her holding in the company is around 5.96 crore. Shares of the company have gone up over 14% in the last month. In the past year, the company’s share price has gone up over 40%.

Price Action: Tinna Rubber’s share price was up 2.58% to trade at ₹476 in the afternoon hours of trading on Wednesday.

Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

Read Next: Why Analyst Sees This Rekha Jhunjhunwala Owned Gaming Stock Going Up 20%

Posted In: MoversTrading IdeasDolly KhannaIndian Oil CorporationTinna Rubber