Butterfly Gandhimathi up 5% on stake buys by Ashish Kacholia

Butterfly Gandhimathi Appliances is locked in upper circuit of 5% at Rs 561 on the National Stock Exchange (NSE), after investor Ashish Kacholia bought more than one percentage point stake in the company through open market.

On Tuesday, December 19, 2017, Ashish Kacholia purchased 200,000 shares representing 1.12% of total equity of Butterfly Gandhimathi Appliances at price of Rs 525 per share on NSE, the bulk deal data shows.

Reliance Alternative Investment Fund – Private Equity Scheme-1, which held 2.45 million or 13.71% stake in the company as of September 2017, had sold 200,000 shares via bulk deal.

In past three months, the stock of household appliances company had outperformed the market by surging 191% as compared to 3% rise in the Nifty 50 index. It touched a record high of Rs 572 on December 7, 2017 in intra-day trade.

The company reported nearly 21-fold jump in its net profit at Rs 11.5 crore in September 2017 quarter, on back of lower finance and raw material cost. It had profit of Rs 55 lakh during the same quarter last year.

Butterfly Gandhimathi Appliances (formerly known as Gandhimathi Appliances) is manufactures a comprehensive range of home appliances kitchen products and cookware.

The stock is trading under 'T' group category, in which the settlement will be done on trade-to-trade basis and no netting-off will be allowed.

Till 10:02 AM; a combined 6,091 equity shares changed hands and there were pending buy orders for 171,354 shares on the NSE and BSE.

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