Shares of VIP Industries moved higher by 10 per cent to Rs 234.80 on the BSE on Monday after ace investor Rakesh Jhunjhunwala acquired additional 285,000 shares of the company during the January-March 2020 quarter (Q4FY20).
Post acquisition, Rakesh Jhunjhunwala's stake in VIP Industries has increased to 5.31 per cent in Q4FY20, the same level he had held at the end of September quarter (Q2Y20). Jhunjhunwala had cut his stake in the company during the previous quarter to 5.11 per cent level at the end of December 2019 quarter (Q3FY20).
In Q4FY20, Rakesh Jhunjhunwala held a total of 7.5 million shares of VIP Industries, as against a total of 7.21 million share of the company held at the end of Q3FY20, as per shareholding pattern disclosed by the company on Friday after market hours.
However, since April, the stock of VIP Industries has underperformed the market by falling 11.5 per cent, as compared to a 7.4 per cent rise in the S&P BSE Sensex till Friday, May 8.
In Q4FY20, too, VIP Industries had tanked 44 per cent, as against a 28.6 per cent decline in the benchmark index. The stock hit a 52-week low of Rs 188 on March 24, 2020 in the intra-day trade on the BSE.
At 12:59 pm, VIP Industries was trading 7.4 per cent higher at Rs 228, compared with a per cent's rise in the S&P BSE Sensex. The trading volumes on the counter jumped an over 5-fold with a combined 2.6 million equity shares changing hands on the NSE and BSE till the time of writing of this report.