Shares of KPR Mill Ltd. jumped to a 19-month high on Wednesday after U.S. fund house Fidelity Investments acquired over 1% stake in the apparel company
The investment happened last week, according to an exchange filing.
KPR Mill pared the early gains to trade at 0.83% lower at Rs 725.15 apiece compared to a 0.01% decline in the benchmark NSE Nifty 50 as of 10:32 a.m. The stock advanced as much as 2.45% intra-day to Rs 745.2 apiece, the most since Jan. 20, 2022.
It has risen 40.98% on a year-to-date basis. The total traded volume stood at 4.3 times its 30-day average. The relative strength index was at 74, implying that the stock maybe overbought.
Nine analysts tracking KPR Mill maintain a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 2.1%.
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