Tourism Finance Corp spurts 14% as Jhunjhunwala buys shares

NEW DELHI: Shares of Tourism Finance Corporation of India shot up over 14 per cent in Wednesday’s trade after data showed Insync Capital Partners bought 4.25 lakh shares in the company at an average price of Rs 56.22. Insync Capital has ace investor Rakesh Jhunjhunwala and his wife Rekha among its designated partners.

Following the development, the stock jumped 14.04 per cent to close at Rs 70.25 on BSE. The stock hit its 52-week high of Rs 71.90 hit earlier in the day. This is just doubled the price (Rs 34.75) at which the stock was ruling when it hit its 52-week high on 24 May this year.

The limited partnership company was recently seen buying and selling Adlabs Entertainment shares, which triggered a sharp rally on Adlabs counter. The company had bought 4 lakh shares in Adlabs Entertainment shares at an weighted average price of Rs 81.84 and sold some 50,000 shares at 81.06 apiece, two weeks ago.