Inox Leisure shares gained as much as 2.6 per cent on the domestic bourses on Friday after Goldman Sachs and Norges Bank bought shares of the company.
Traders said that share purchase by large institutional investors like Goldman Sachs generally creates bullish trend in respective counters, which could be the reason for the surge in the scrip. The stock closed 0.80 per cent higher at Rs 176.30 on the BSE.
A fund managed by Goldman Sachs bought 1.25 million shares, or 1.3 per cent of equity, in Inox, according to the Bombay Stock Exchange (BSE).
The bourse also said that Norges Bank bought 1.1 million Inox Leisure shares.
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