Kaveri Seed rises on talk of punter buying stock in bulk

Kaveri Seed Company surged on rumours that a high-profile operator has been accumulating shares of the company in large quantities. According to institutional brokers, the Mumbai-based operator acquired large chunks of Kaveri Seeds at Rs 1,059 per share.

Robust earnings and strong demand for hybrid seed varieties are prompting investors to include Kaveri Seeds in their portfolios. The company reported a near-100% jump in net revenues and net profit to Rs 479 crore and Rs 101 crore, respectively in the first quarter ending June 30.

The company’s hybrid seed portfolio includes cotton, sorghum, tomatoes and maize, among other vegetables and grains. Shares of Kaveri Seeds ended over 7% higher at Rs 1,082.25 on the BSE on Thursday.

(Contributed by Shailesh Menon)