Orient Bell gets 'Porinju'ed!

Orient Bell opened over 5.5% higher at Rs.97.80, going up further by more than 13% to hit an intraday high at Rs.104.80. It is currently trading at Rs.101 levels. Its 20% for the day is at Rs.111.10.

The stock is going through a “Porinju” effect. Bulk data on the BSE showed that on Friday, ace investor, Porinju Veliyath’s company, Equity Intelligence India bought 80k shares in the company at an average price of Rs.19.87/share.

Porinju’s company has already got a 1.57% stake in the company as at 30^th June 2020.

Financially, Q1FY21 has been bad – it posted a consolidated net loss of Rs.11 crore v/s profit of Rs.50 lakh (YoY) on a sharp 65% decline in net sales at Rs.43 crore.