Nilkamal is sitting pretty today morning, surging over 6% to hit a new 52-week high at Rs.2071.60. Volumes are robust, up 4 times.
Every time a promoter hikes stake in his company, it is perceived as very good news as it shows his/her confidence in the company and that the promoter plans to stick around, helping the company grow further.
And that explains why this stock hit a new high today – three of its promoters have together bought over 23k shares between 8th and 16th March. This buy from the open market was valued at Rs.4.27 crore .
As at 31st Dec’20, promoters held 64.33% stake.