Bhagiradha Chemicals hits 52-week high after Radhakishan Damani-backed firm buys 3.5% stake

The Bhagiradha Chemicals stock climbed as much as 18% on Thursday on the National Stock Exchange of India (NSE) to hit its lifetime high of ₹263 apiece. However, the stock pared early gains and closed 8.48% higher at ₹241.25 apiece on NSE.

In the past two sessions, the stock has cumulatively gained over 34%. Year-to-date, the stock is up nearly 64%.

The rally was triggered after Derive Trading and Resorts Pvt. Ltd bought 4.31 million equity shares of Bhagiradha Chemicals on Wednesday, representing nearly 3.5% of the company’s total equity. According to data available on BSE, the transaction was executed at a price of ₹188.49 per share, translating into a deal size of ₹81.17 crore.

Directors of Derive Trading and Resorts include ace investor and D-Mart promoter Radhakishan Damani. Interestingly, Damani did not have any prior stake in Bhagiradha Chemicals, directly or through associates.

The selling shareholder in the deal was Chetan Shantilal Shah, who offloaded sold his entire 3.46% stake in Bhagiradha Chemicals via open market transactions.

Hyderabad-based Bhagiradha Chemicals and Industries is a leading Indian agro-chemical company involved in the manufacturing of insecticides, fungicides, herbicides etc.

The company had recently announced a stock split, dividing one share with a face value of ₹10 each into 10 units of face value of ₹1 each. The stock had turned ex-split on May 2, 2024.