Shares of specialty chemicals maker Ishan Dyes & Chemicals surged nearly 20 percent to a high of Rs 166 in intraday trade on Wednesday after ace investor Shankar Sharma bought a large stake in the company through the open market in the previous session . trade.

Shankar Sharma bought 700,000 shares of Ishan Dyes at an average price of Rs 121.71 per share, representing 4.4% of the share capital, according to BSE block trade data. Similarly, Standard Greases & Specialities bought 100,000 shares at Rs 123 each, the data showed.

After the block trade, the stock surged 37.5% in just two sessions. The stock is trading at an all-time high of Rs 160 as of 10:10 am on Wednesday, up 15.3 per cent at around 1.022 lakh shares on the BSE so far against a two-week daily average of 47.4 million shares. Meanwhile, the BSE Sensex rose 0.8% (480 points) to 58,289.

According to available data, promoter Piyushbhai Natvarlal Patel sold 2 million shares or a 12.5% ​​stake in Ishan Dyes at an average price of Rs 123.83 per share. The company’s total promoter holdings stood at 58.5% as of the December quarter, including Piyushbhai’s 24.9% stake.
For the quarter ended December 2021, the company reported a 9.1% year-on-year increase in net profit to Rs 5.04 crore compared to Rs 4.62 crore in the same period last year. However, total revenue fell 35.9% year-on-year to Rs 15.86 crore from Rs 24.76 crore in the same period.

On February 3, 2022, the company informed BSE that its factory in Gujarat was fully operational and stabilized and the company expected to start producing good results.

Over the next few years, the company plans to invest around Rs 100 crore in new projects that will also support Atmanirbhar Bharat Abhiyan. The release added that the new projects will accelerate the growth of the company’s revenue and profitability over the next few years.

Complete News Source : Business Standard