McLeod Russel India hits 52-week high post block deal
Tanay Loya / 30 Nov 2017
McLeod Russel India Ltd on Thursday recovered from its early morning losses and was trading over 13 per cent higher after a block deal in which its promoter Kamal Kishore Baheti sold nearly 9 per cent stake in the company.
McLeod Russel India Ltd on Thursday recovered from its early morning losses and was trading over 13 per cent higher after a block deal in which its promoter Kamal Kishore Baheti sold nearly 9 per cent stake in the company.
The company notified BSE that Kamal Kishore Baheti, the trustee for Borelli Tea Holdings Ltd, sold 10 million shares accounting to about 9 per cent of his 24.73 per cent stake in the company.
After the news of the block deal, the stock fell more than 6 per cent to Rs 205 per share. However, the stock soon recovered and gained more 13 per cent to Rs 248.70 a share, creating a new 52-week high.
McLeod Russel India is the world's largest tea growing company and is operating in India since 1869. In the past two weeks, the stock has gained about 40 per cent.
At 12:30 hours McLeod Russel India was quoting Rs 243.15 per share, up Rs 24.45, or 11.18 per cent on the NSE. The stock attracted a traded volume of 1,05,55,553 shares on NSE.
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