Radico Khaitan hits 52-week high as Rakesh Jhunjhunwala picks 6.85 lakh shares

NEW DELHI: Radico Khaitan Ltd rallied over 4 per cent in morning trade on Friday to touch its fresh 52-week high of Rs 171.50, after ace investor Rakesh Jhunjhunwala's of Rare Enterprises acquired 6.85 lakh shares of liquor firm Radico Khaitan for about Rs 11.50 crore through open market route on Thursday.

At 09:50 a.m.; Radico Khaitan was trading 2 per cent higher at Rs 168.15. It has hit a low of Rs 167.50 and a 52-week high of Rs 171.50 in trade today. The stock has rallied over 12 per cent so far in the year 2014.

According to bulk deal information available with BSE, Rare Enterprises bought a total of 685,112 shares (amounting to 0.5 per cent shareholding) of Radico Khaitan, PTI reported. However, the seller of the shares could not be immediately ascertained.

Radico Khaitan shares were purchased for an average price of Rs 167.75 apiece amounting to a little over Rs 11.49 crore.

On Wednesday, foreign fund house Morgan Stanley had acquired nearly 20.47 lakh shares (amounting to 1.5 per cent stake) of Radico Khaitan for an estimated Rs 32.68 crore through open market transactions.