Heubach Colorants shares extend rally, gain nearly 42% in two days after Quant Mutual Fund buys stake

The stock surged as much as 19% in trade on Friday, June 21, after closing 20% higher in the previous session.

According to data available on exchanges, Quant Mutual Fund bought 1.2 lakh shares, or 0.51% equity stake, in Heubach Colorants India through open market transactions on Thursday for an average price of ₹453.57 per share. This aggregated into a total transaction size of ₹5.44 crore.

The average price per share in the deal was 16% higher than the stock’s previous close of ₹390.9 apiece on the NSE on Wednesday.

Consequently, the Heubach Colorants stock price gained as much as 42% in the following two sessions. On Friday, the stock was trading over 13% higher at ₹531.8 at 11:35 am after hitting an intra-day high of ₹558 on the NSE.

Heubach Colorants, formerly known as Clariant Chemicals India Ltd, is an Indian speciality chemicals company. It manufactures pigment preparations, anticorrosive pigments, organic and inorganic pigments.

For the quarter ended March 2024, the company had recorded a 14% increase in its revenue to ₹204.9 crore compared with a year ago. Profit, meanwhile, decreased nearly 37% to ₹5.84 crore.

To recall, in April, Heubach Colorants India informed exchanges that its sister company, Heubach GmbH, which is also part of the Heubach group, had filed for bankruptcy in Germany.