Nectar Life hits new high

Nectar Lifesciences seems to be an action-packed stock today morning, with the stock hitting a new 52-week high at Rs.35, its upper circuit too. Volumes are up almost 2.5 times and the stock continues to remain in the green, up 15%.

The stock shot up to a new high on unconfirmed rumours that the promoters of the company are seeking to sell 44.35% of their stake to PE fund, New Silk Route and they were said to be looking at a 20.25% premium over current market price. Though the CEO and director of the company, Dinesh Dua went on air, refuting these rumours as ‘baseless’, the market continues to let go, feeling there is no smoke withot fire.