S H Kelkar hits new high

S H Kelkar and Company continues on its upward march. Yesterday it had been frozen on the 20% UC at Rs.183.70 and today, it went on to hit a new high at Rs.207.30.

The stock is in the limelight after Blackstone made a complete exit from the stock, selling its entire

10.4% stake in the firm via a block deal at Rs 173/share. Swiss firm Firmenich Aromatics is the buyer.

The company, on 29th Oct, decided to go ahead with a buyback of its shares at a price of Rs.210/share through the tender offer route. The company proposes to buy back 2.9 million equity shares at the offer price.

SH Kelkar is one of India's largest fragrances and flavors manufacturers. It caters to domestic and global clients through operations across India, Europe, Indonesia and China.