KPIT Technologies, a Pune-based company, providing software solutions to auto companies is sparkling bright today. The stock opened with a gain of 4% and soon surged up 10% to an intraday high at Rs,127, hitting a new 52-week high. Its 20% UC for the day is at Rs.138.50.
For the past two weeks, the promoters have been hiking their stake in the company through the open market. In these troubled times, when promoters are pledging or selling stake to raise funds, this is a very positive news, sending the right signals.
The promoter, Anupama Patil first bought 14 lakh shares on 18th Sept at Rs.100/share on the BSE and then again, she bought another 94,000 shares. Post these two buys, her stake has gone up marginally from 0.04% to 0.59%.
The company also recently released majority of the shares pledged with Vistra ITCL. From a 7.18% pledged stake, it has now come down to 0.6%. These shares were pledged as a Security Trustee for Term loan facility availed by Krayon Pictures.