Madhuri Kela raises stake in Sangam (India) to 5.85% in June; stock surges 8%

Sangam (India) shares jumped over 8% on the NSE in Wednesday's trade after shareholding data showed ace investor Madhuri Madhusudan Kela has increased her stake in the company to 5.85% or 2,940,699 shares at the end of the June quarter from 4.18% stake or 2,100,000 equity shares as on June 2.

The smallcap stock has a market capitalisation of Rs 1,560.37 crore. Around 2 lakh shares of the company were trading on the NSE at 10:50 am with the traded value of shares standing at Rs 6.30 crore.

Trendlyne data suggested that Madhuri Kela publicly holds four stocks with a net worth of over Rs 72 crore. These are the shares held by Kela as per the shareholding data filed with the exchanges.

Kela holds stakes in IRIS Business Services, Bombay Dyeing & Manufacturing Company and Kopran at 5.54%, 1.65% and 1.04%, respectively.

Sangam (India) shares have rebounded nearly 65% after hitting lows of Rs 194.65 in February, this year. The 52-week high stands at Rs 358.40.

The stock is currently trading above its 50-day and 200-day moving average according to Trendlyne. Day's RSI and MFI stood at 53.2 and 68.1. A number above 70 indicates that the stock is trading in an overbought zone while below 30 shows that it is in the oversold territory.

The stock has been relatively low on volatility and traded with a 1-year beta of 0.9, the Trendlyne data suggested.

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