Tata Coffee hit a new 52-week high today at Rs.175 and Liberty Shoes too went on to hit a new high at Rs.282. Both the stocks have moved high, thanks to one person – Porinju Veliyath, the famed investor from Kerala and founder of Equity Intelligence.
He is said to have the Jhunjhunwala like effect on stocks, - the moment he buys a stock, it jumps to a high. The bulk deal data shows that Equity Intelligence bought 3.21 lakh shares or 1.9% stake in Liberty Shoes at Rs 235.48 each and 10 lakh shares or 0.5% stake at Rs 150 each in Tata Coffee.
Porinju’s first major investment was in “Geojit Financial Services”. The stock was trading at a very low value at the time. Everyone was surprised with his decision as it seemed like a very bad penny stock. But the very same Geojit Financial Services gave multi fold return and he was able to buy back house and land which his family had to sell off earlier.
In 2002, Porinju started his own portfolio management firm Equity Intelligence. Today this company is managing portfolio of some of the leading businessmen, successful professionals, and even ordinary people.