Jhunjhunwala hikes stake in Birla's Kesoram; shares up 10%

Moneycontrol Bureau

Kesoram Industries shares gained 10 percent intraday in afternoon trade Friday after investor Rakesh Jhunjhunwala's wife Rekha Jhunjhunwala hiked stake in Basant Kumar Birla's company by 3.56 percent to 6.83 percent via rights issue, reports CNBC-TV18. Life Insurance Corporation is the largest public shareholder with 10.9 percent stake as of March 2013 while Devi Investment & Dev Inc, Century Enka, Bajaj Allianz Life Insurance, Bharat Jayantilal Patel, Minal B Patel, Finquest Securities and Kotak Mahindra Investments hold 15.76 percent stake. Kesoram Industries is a diversified company that engaged in cement-tyres-spun pipes to heavy chemicals. At 13:20 hours IST, the stock was quoting at Rs 68.15, up 4.05 percent amid hefty volumes on the Bombay Stock Exchange. Trading volumes increased 32.75 percent to 3,12,610 equity shares as compared to its five-day average of 9,543 shares on the Bombay Stock Exchange. Also Read - Jhunjhunwala stake-buy takes Firstsource up 35% in 2 days