Radico Khaitan: Promoters' stake hike lifts stock
Shares of breweries and distilleries company Radico Khaitan have seen some momentum, after its promoters raised their stake.
By ET Bureau | Updated:
Shares of breweries and distilleries company Radico Khaitan have seen some momentum, after its promoters raised their stake substantially through the creeping acquisition route in the past few weeks. According to disclosures filed with stock exchanges , the promoter holding improved from 37.6% as on December 31, 2010 to 40% as on March 31, 2011, after they bought atotal of 31 lakh shares in the open market between March 16 and 28.
Generally, promoters have the tendency to buy shares from the open market at the end financial year within the limit of 5% each year as allowed under the creeping acquisition guidelines, say brokers.
With shares of many firms still quoting lower than , brokers expect some promoters would have taken the advantage of cheaper valuations to strengthen their holdings in the companies . It has been gained consistently , but steadily in the past four days, before ending 0.6% up at Rs 133.5 on the BSE on Tuesday.
(Contributed by Harish Rao & Vijay Gurav)
Generally, promoters have the tendency to buy shares from the open market at the end financial year within the limit of 5% each year as allowed under the creeping acquisition guidelines, say brokers.
With shares of many firms still quoting lower than , brokers expect some promoters would have taken the advantage of cheaper valuations to strengthen their holdings in the companies . It has been gained consistently , but steadily in the past four days, before ending 0.6% up at Rs 133.5 on the BSE on Tuesday.
(Contributed by Harish Rao & Vijay Gurav)
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