Navkar Corporation up 4% as Ashish Kacholia buys minor stake

NEW DELHI: Shares of Navkar Corporation jumped nearly 4 per cent in Thursday's trade after ace investor Ashish Kacholia bought 0.7 per cent stake in the company.

Kacholia bought 10 lakh shares or 0.7 per cent stake in Navkar Corporation on Wednesday, bulk deal data on the NSE's website showed. Kacholia bought the shares at Rs 187 apiece.

In another transaction on BSE, Everest Finance and Investment Company purchased 10,00,000 Navkar shares at an average price of Rs 187.06. Sellers' name in both the case could not be ascertained immediately.


Following the development, the stock rose 3.91 per cent to hit a high of Rs 210.80 on BSE, eventually closing at Rs 206, up 1.55 per cent.

"We believe that NCL continues to remain well-placed to cash in the expected rise in EXIM trade on the back of several initiatives undertaken by the government," Reliance Securities said in a note.

The brokerage has a buy rating on the stock with a target of Rs 229.