Stides Arcolab remains high
Strides Arcolab continues to remain amongst the top gainers today too after Friday’s inspiring rise. The stock currently is the top gainer of the day, up 4% at Rs.634.65 and this is after hitting a new 52-week high at Rs.647.60.
The stock remains in the green on earlier news of FIIs picking up stake in the company. Last week, two FIIs, Morgan Stanley and Goldman Sachs have collectively bought 1.05% or 626,212 equity shares through bulk deals in the open market. Goldman Sachs purchased 300,000 shares at Rs 626.28/share while Morgan Stanley bought 326,212 shares at 623.62/share. This sudden interest by FIIs in the stock has piqued the interest of the market and the stock remains a major gainer.
As at 31st March 2014, FIIs stake was as such much higher than that of the promoters – FIIs stake stood at 49.26% and promoters stake is at 27.67%.