CMI rallies over 17% as GMO fund buys nearly 15 lakh shares

NEW DELHI: CMI surged as much as 17.5 per cent in morning trade on Tuesday, after a global emerging market fund bought nearly 15 lakh shares at Rs 304 apiece.

At 09:30 am, CMI was trading 15.9 per cent higher at Rs 353.20. It hit an intraday low of Rs 343 a high of Rs 359 during the day.

On Monday, GMO Emerging Domestic Opportunities Fund bought 11,78,365 shares of CMI at a price of Rs 304 and GMO Emerging Markets Fund bought 3,01,113 shares at a price of Rs 304.

Devender Kumar Gupta, HUF, sold around 6,00,000 shares of CMI at Rs 304 apiece on the BSE on January 11. Shashank Gupta sold 6,00,000 shares at a price of Rs 304.28. Another investor, Shubham Gupta, sold 3,25,000 shares at Rs 305.49.