Hikal hit a new 52-week high today at Rs.192.30, going up almost 4%.
The stock price surged on news that investor, Ashish Kacholia, yesterday bought 20 lakh shares or 1.6% stake in the company, via the open market on the NSE.
The investor bought the shares at Rs.166.50 for a total consideration of Rs.33.30 crore.
International Finance Corporation (IFC), which held 5.37% stake sold 3.2% stake yesterday.
Any big investor buying stake is good news for the market and that is what we see reflected in the share price.