Kaveri Seed surges 4% as Mohnish Pabrai picks stake in company

Shares of Kaveri Seed advanced over 4 per cent in Thursday’s early trade after the US-based investor Mohnish Pabrai’s fund, Pabrai Investment Fund II LP, bought 7.8 lakh shares, or 1.2 per cent stake, in hybrid seed maker on Wednesday, bulk deal data on the National Stock Exchange of India’s website showed.

Pabrai’s fund bought the shares at Rs 487.2 per share.

The data separately showed that BNP Paribas Arbitrage Fund sold 7.4 lakh shares, or 1.1 per cent stake, in the company.


The scrip was trading 4.64 per cent up at Rs 494 at around 9.30 am (IST). Shares of the company opened at Rs 495 and touched a high and low of Rs 498 and Rs 483.40, respectively, in trade so far. Benchmark BSE Sensex was up 145 points, or 0.42 per cent, at 34,489.83 at around the same time.

A meeting of the board of directors will be held on Thursday to consider proposal for buyback of equity shares of company.

Shares of the company had scaled 52-week high of Rs 708.10 on August 7, 2017 and 52-week low of Rs 433 on February 6, 2018.

For the quarter ended December 2017, the company reported a net profit of Rs 5.43 crore against Rs 3.55 crore in the corresponding quarter last year.