Shares of KRBL continued gaining streak for the second straight session and rallied nearly 16 per cent in intraday trade on Wednesday amid a surge in volume trade after its promoters hiked their stake in the company.
The manufacturer of India Gate Basmati Rice on Tuesday informed the stock exchanges that its promoters had purchased 26,400 equity shares in the company on December 17. However, the names of the sellers were not known.
"Anil Mittal Family Trust, Arun Kumar Gupta Family Trust and Binita Gupta Family Trust have bought 8,800 equity shares each on December 17," the packaged foods company said in an exchange filing.
Cheering the news, KRBL share price jumped as much as 15.60 per cent to hit an intraday high of Rs 256 against previous closing price of Rs 221.45 on the BSE. The stock had gained 2 per cent on Tuesday following the promoter stake hike. The stock hit a 52-week high of Rs 391 on March 6, 2019, while it touched a 52-week low of Rs 187 on November 20, 2019. During the period, the stock has fallen 52 per cent. In contrast, the S&P BSE Sensex gained nearly 10 per cent during the same period.
There was a surge in trading volume as 1.08 lakh equity shares changing hands on the counter against a two-week average of around 8439 shares on the BSE.
In a similar trend, shares of KRBL were trading 12.86 per cent higher at Rs 250.05 apiece on the National Stock Exchange. In the day's trade so far, the scrip touched an intraday high of Rs 255.80 after opening marginally higher at 223.
Edited by Chitranjan Kumar