Parag Milk Shares Jump Over 11% After Sixth Sense India Buys Stake

Shares of Parag Milk Foods Ltd. surged over 11% on Monday after Sixth Sense India Opportunities bought a 0.58% stake in the maker of Go Cheese via a bulk deal.

Sixth Sense India Opportunities bought 6.8 lakh shares at Rs 121.23 apiece, according to the bulk deal data available with the National Stock Exchange.

Shares of the company surged 11.33% to Rs 133.80 apiece as of 11:10 a.m., compared to a 0.09% gain in the Nifty.

The total traded volume so far in the day stood at 12.1 times its 30-day average. The relative strength index was at 78, implying that the stock is overbought

The one analyst tracking the company maintains a ‘hold’ on the stock, according to Bloomberg data.