Stock market news shankara building products hits new high on institutional investors buying

STOCK MARKET NEWS: Shankara Building Products hits new high on institutional investors buying

STOCK MARKET NEWS - Shankara Building Products (SBPL) moved higher by 9% to Rs 1,097, its highest level since listing on April 5, 2017 on BSE. The stock zoomed 138% against its initial public offer (IPO) price of Rs 460 per share.

The company raised Rs 345 crore through public issue, subscribed 41.88 times. The portion for qualified institutional buyers (QIBs) was subscribed 51.62 times, while the high net worth individual quota was subscribed 90.68 times. The retail investors’ category was subscribed 15.35 times.

The institutional investors led by mutual funds and foreign portfolio investors (FPIs) have increased their stake in company by nearly 11 percentage points in past three months.

According to shareholding pattern filed by the company, total institutional investors holding in SBPL increased by 10.96 percentage points to 23.71% in June quarter. They held 12.75% stake at the end of March quarter.

Mutual funds raised their holdings in the company to 12.24% from 5.06%, while FPIs to 7.27% (4.7%) and of alternate investments funds to 4.17% (1.58%), data shows.

However, individual shareholders reduced their stake in recent rally, with their holding in the company declined by 5.76 percentage points to 11.5% from 17.31% earlier.

At 1:05 pm; the stock was trading 7% higher at Rs 1,070 on BSE, as compared to a marginal 0.04% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 1.25 million shares changed hands on BSE and NSE so far.

CLICK HERE FOR MARKET NEWS

ARTICLE SOURCE – BUSINESS STANDARD