Shankara Building Products share price gained 5 percent intraday on January 7, the fifth straight session of gains that has seen the scrip climb 39 percent after the promoter renewed buying in the stock.
The stock has gained more than 50 percent in the last three months. It was quoting at Rs 422.40, up Rs 9.70, or 2.35 percent, on the BSE at 1118 hours.
But, the stock is still trading below its issue price of Rs 460. It listed on exchanges on April 5, 2017, went up to Rs 2,270 in December of that year and then corrected to drop below Rs 300. It touched an all-time low of Rs 240 in August 2019.
Trading data shows that promoter Sukumar Srinivas has been buying shares of the construction material retailer since August 20, 2019.
In December, he bought 20,000 shares at Rs 323.056 a piece and then another 5,000 at Rs 324.672 per share, taking his stake in the company to 55 percent. Since then, the stock has been on upmove.
Srinivas has picked 0.19 percent stake (or more than Rs 1.4 crore worth of shares) in the company since August 20, 2019.
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