Orient Bell share hits 20% upper circuit after Porinju Veliyath's Equity Intelligence picks stake
The stock hit the upper circuit of Rs 99.35. There were pending buy orders of 21,244 shares, with no sellers available.
June 19, 2020 / 10:08 AM IST
Orient Bell share price surged 20 percent upper circuit in the morning trade on June 19, a day after investor Porinju Veliyath's Equity Intelligence India acquired around half a percent equity stake in the company through open market purchases.
The stock, which has risen more than 88 percent in the last one month, was quoting at Rs 99.35, up Rs 16.55, or 19.99 percent. The stock touched an upper circuit of Rs. 99.35 per share. There were pending buy orders of 21,244 shares, with no sellers available.
It was trading with volumes of 42,228 shares, compared to its five-day average of 32,885 shares, an increase of 28.41 percent.
Equity Intelligence India acquired 79,435 equity shares, representing 0.55 percent of paid-up equity capital, of the tiles manufacturer at Rs 77.83 per share, according to bulk deals data available on the National Stock Exchange.
According to Moneycontrol SWOT Analysis powered by Trendlyne, Orient Bell has low debt, with zero promoter pledge. The book value per share has been improving for the last two years.
Moneycontrol technical rating is bullish on the stock.Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.