Diamond Power zooms over 40% in three trading days on heavy volumes

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (pic: Reuters)
Diamond Power Infrastructure was locked in upper circuit for the third straight day at Rs 57.45, up 10% on BSE, on back of heavy volumes.

In past three trading sessions, the stock rallied 45% from Rs 39.60 on Friday, October 14, as compared to 1.3% rise in the S&P BSE Sensex.

Till 09:46 am, a combined 228,979 shares changed hands and there were pending buy orders for 3.08 million shares on the BSE and NSE.

On Tuesday, October 18, the public shareholders – Vikas Ferro Private Limited (1.29 million) and Vikas Coating Private Limited (0.35 million) had collectively offloaded 1.64 million shares representing 2.4% of total equity of Diamond Power for Rs 8.57 crore via block deal. These entities sold shares at an average price of Rs 52.25 per share on BSE. LINK

The name of the buyers were not ascertained immediately.

Meanwhile, the promoters holding in the company increased to 44.58% in September quarter from 32.89% at the end of June quarter, the latest shareholding pattern data shows.

Diamond Power Infrastructure is an integrated power transmission and distribution services provider and equipment manufacturer. 

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel