Shares of PG Foils jumped over 3% on Monday to hit an intraday high of ₹231.
What Happened: The surge today comes as ace investor Porinju Veliyath’s Equity Intelligence picked up a stake in the company. As per the latest shareholding pattern, Equity Intelligence purchased around 1.2 lakh shares of the company during the September quarter. Currently, it owns a 1.02% stake that is worth around ₹2.75 crore.
The development today helped the stock halt its four straight session losing streak. With a market cap of around ₹270 crore, the micro-cap company is an aluminium foils manufacturer. The company’s revenue for the June quarter stood at ₹83.8 crore, and profits for the period stood at ₹5.6 crore.
Price Action: PG Foils’ share price was up 2.81% to trade at ₹230.50 on Monday.
Get all the latest Share Market trends and news to set you up for the week ahead.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.