Rakesh Jhunjhunwala’s Close Associate Makes Fresh Entry in This Stock Under Rs 120, Gains Rs 1.09 Crore in a Day: Is This the Next Titan?
The stock made an intraday high of Rs 119.70 and settled at Rs 114.09 by the end of the session, resulting in a gain of Rs 11.73 per share
Indian benchmark indices ended Thursday’s session with a loss of over 1 per cent, with the Nifty50 index slipping below its important psychological mark of 24,000. All the sectoral indices ended in the red, barring Nifty Pharma, which managed to eke out gains of over 1 per cent in such a rocky market.
Amid this underperformance, there was one Small-Cap stock that witnessed double-digit gains on Thursday and marked a fresh closing high on NSE. This small-cap stock recorded its highest single-day volume ever since its listing, as the total trade volume on NSE stood at 1.56 crore shares. The stock in focus is Garuda Construction and Engineering Ltd.
Incorporated in 2010, Garuda Construction provides end-to-end civil construction services for residential, commercial, residential-cum-commercial, infrastructure, and industrial projects.
Now, coming to the most important point—why did the stock rise despite a sharp sell-off in the market?
On Wednesday, a prominent name in the investing fraternity, Utpal Sheth, appeared in the bulk deal data. Utpal Sheth, the CEO and Senior Partner of Rare Enterprises, is known to be a very close associate and good friend of the late ace investor Rakesh Jhunjhunwala.
Utpal Sheth acquired 9.35 lakh shares of Garuda Construction at an average price of Rs 102.36. On Thursday, the stock made an intraday high of Rs 119.70 and settled at Rs 114.09 by the end of the session, resulting in a gain of Rs 11.73 per share. This translated into a notional profit of Rs 1.09 crore in just a single trading session.
Disclaimer: The article is for informational purposes only and not investment advice.