Porinju Veliyath Picks Up Stake In This Micro Cap Stock, Shares Jump 3%

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.

See Also: What’s Going On With Tata Motors Shares Today?

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.

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Posted In: EquitiesMarketsMoversTrading IdeasEquity IntelligencePorinju Veliyath