Shares of Advanta Limited jumped as much as 7 per cent to hit fresh 52-week high of Rs 443 after its parent company, UPL Limited increased stake in Advanta.
Shares of Advanta Limited jumped as much as 7 per cent to hit fresh 52-week high of Rs 443 after its parent company, UPL Limited increased stake in Advanta.
In a statement to the Bombay Stock Exchange, Advanta said that UPL Limited purchased 1.85 million shares representing 2.19 per cent stake in the company in an open market transaction. After completion of this transaction, UPL's stake in Advanta has gone up to 51.97 per cent from 49.78 per cent earlier.
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Higher stake by promoter in a company is viewed positively by investors as it indicates that the management is confident about its business outlook.
The stock jumped 10 per cent in two trading sessions following this development. The trading volumes on the counter surged on the BSE as 51,000 shares changed hands compared to average of 24,000 shares traded daily in the past two weeks.
However, the stock succumbed to profit-booking and closed weaker by 1.9 per cent at Rs 407.
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