Porinju Veliyath Picks Up Stake In This Multibagger Smallcap Stock, Shares Hit 52-Week High

Shares of Indiabulls Real Estate continued to make gains for the second straight session on Friday, going up over 3% to hit a new 52-week high.

What Happened: The stock is upbeat today as ace investor, Porinju Veliyath‘s Equity Intelligence India picked up 33 lakh shares of the company in a bulk deal on Thursday. The deal was executed over NSE at an average price of ₹151.25 at a total cost of around ₹49.92 crore.

See Also: Zomato Shares Jump Back In Green As Brokerage Maintains ‘Buy’ Rating

Besides the veteran investor, BofA Securities also bagged a stake in the company. As per the NSE data, the firm bagged 34.37 lakh shares of the company at an average price of ₹154.92. The total deal value was at around ₹53.25 crore.

Shares of the real estate company have been on a tear over the past year. Since the start of the year, the stock has gone up over 80%.

Price Action: Indiabulls Real Estate’s share price was up 2.57% to trade at ₹158.91 shortly after markets opened on Friday.

Read Next: ONGC Announces Devendra Kumar As New CFO

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: EquitiesNewsMarketsMoversTrading IdeasIndiabulls Real EstatePorinju Veliyath