Porinju Veliyath Raises Stake In This Micro Cap Stock, Shares Hit 52-Week High

Shares of Kerala Ayurveda surged up 5% on Thursday morning to hit a new 52-week high of ₹159.85.

What Happened: Veteran investor Porinju Veliyath picked up another 1.03 lakh shares of the company on Wednesday. The acquisition of shares was done through a block deal on the BSE at an average price of ₹151.87. The total cost of the deal was around ₹1.56 crore.

See Also: Why This Rekha Jhunjhunwala-Backed Small Cap Stock Is Surging 6% Today

Veliyath, popularly known as the Czar of small-cap stocks, already owned a 3.16% stake or 3.36 lakh shares of the company. As per the shareholding pattern, he had raised his stake in the micro-cap company during the June quarter as well. During the June quarter, he had purchased 1.36 lakh shares of the company.

Shares of the company have gathered some steam in the past few months. In the past six months, the stock has gone up over 80%. Just in the last five days, the stock has surged over 20%.

Price Action: Kerala Ayurveda’s share price was locked in 5% upper circuit at ₹159.85 in the morning hours of trading on Thursday.

Read Next: Why L&T Shares Jumped Back In The Green Today

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesMarketsMoversTrading IdeasKerala AyurvedaPorinju Veliyath