Porinju touch lifts Som Distilleries 12%, investor warns against frenzy

NEW DELHI: Shares of Som Distilleries jumped nearly 12 per cent in morning trade on Thursday after smallcap czar Porinju V Veliyath of Equity Intelligence India bought 1,50,000 shares of the company on BSE at Rs 197 a share in a bulk deal on Wednesday.

Following the development, the stock rose 11.61 per cent to hit a high of Rs 262.90 on BSE, eventually closing at Rs 246.85, up 4.80 per cent. . EQ India Fund bought another 500,000 shares in the company, NSE data showed.

However, Porinju warned new investors not to chase stocks just because they are being bought by big investors.


In a tweet, he said: “Amateur investors/traders, need not chase 'bulk deals' /shareholding by fancied names at 'any price'. Plenty of opportunities still out there in #ChangingIndia


In a recent interview to ET Now, the ace investor said he expects the benchmark Nifty or Sensex not to rise more than 10-15 per cent in 2018, but said these are good times for stock pickers.

Porinju claimed he generated an average of 80 per cent return for his PMS clients in 2017.

“I do not think, something like that can be achieved in 2018. I will be very happy if we could make 35-40 per cent return, if the index goes up by 10-15 per cent,” he told ET Now.

Tata Coffee and Tata Global Beverages are two of Porinju’s top bets for 2018, ET reported.