Ishan Dyes rallies 19% as Shankar Sharma picks stake in firm

NEW DELHI: Shares of Ishan Dyes and Chemicals skyrocketed 19 per cent in early trade on Wednesday after veteran investor Shankar Sharma picked up 7,00,000 shares of the company at Rs 121.71 a piece on the BSE, bulk deal data showed.

The shares bought by Sharma were worth Rs 8.52 crore.

The counter surged to a high of Rs 165 as against Rs 138.50 at previous close on the BSE.


Promoter Piyushbhai Natvarlal Patel sold 2,000,000 shares at Rs 123.83 a piece, the data showed.

Patel held 39, 69,593 shares or 24.86 per cent stake in the company as of December 31. Overall, promoters held 58.52 per cent stake in the company at the end of December quarter.

Sharma was not among the key shareholders in the specialty chemicals firm. There were no institutional holdings either.

The company manufactures a range of solvent dyes, which do not ionise. This quality of solvent pigments makes them soluble in non-polar materials such as triglycerides. The company's solvent pigments are commonly called iysochrome pigments.