Advanced Enzyme Technologies soars 30% in 2 days after FPI picks 4% stake

he FPI purchased shares at price of Rs 263.80 per share on the NSE via bulk deals, the exchange data show
Shares of Advanced Enzyme Technologies rallied 8 per cent to Rs 295 on the National Stock Exchange (NSE) in the early morning trade on Friday after foreign portfolio investor (FPI) bought nearly 4 per cent stake in the company via open market. The stock of the agricultural products company was trading at its fresh 52-week high and has soared 30 per cent in the past two trading days.

On Thursday, September 24, 2020, Nalanda India Equity Fund bought 4.19 million equity shares, representing 3.75 per cent stake, in Advanced Enzyme for Rs 111 crore. The FPI purchased shares at price of Rs 263.80 per share on the NSE via bulk deals, the exchange data show.

Advanced Vital Enzymes Private Limited sold 3 million equity shares at price of Rs 265 per share on the NSE. The name of the other sellers could not be ascertained immediately.

Advanced Enzyme Technologies in annual report 2019-20 said it may benefit from an increase in healthcare spending in the US and India. The US has the highest health spending in the world and it is drastically moving towards the usage of human healthcare enzymes and Probiotics. The usage of high protein and genetically modified proteins is picking up the market in the country to match the high efficiency and fast-moving lifestyle.

The company intends to expand its presence in the huge global market for Animal Feed. The management further said the company will continue to drive revenues by expanding distribution networks and registrations in key target geographies like North America, Europe, and Latin America.

At 09:18 am, the stock was trading 5 per cent higher at Rs 286 on the NSE, as compared to 1.2 per cent rise in the Nifty50 index. A combined 436,000 equity shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.

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