Ruchi Soya locked in 10% upper circuit; stock zooms over 105% in 12 days

Shares of Ruchi Soya Industries gained 10 per cent at Rs 34.55 on Tuesday to make it 12 straight sessions when the stock has hit the upper circuit.

Since January 27, 2020 -- when it was re-listed on the stock exchanges after consolidation of equity shares of the company -- the edible oils company's stock price has appreciated by 105 per cent from the level of Rs 16.89 on the BSE.

Till 02:43 pm, a combined 1,854 shares had changed hands and there were pending buy orders for 3.87 million shares on the NSE and BSE, the exchange data shows.

In July 2019, the National Company Law Tribunal (NCLT) had cleared the Rs 4,350-crore bid by yoga- exponent Ram Dev-run Patanjali Ayurved to take over edible oil player Ruchi Soya.

Pursuant to the resolution plan, the equity share capital of Ruchi Soya Industries was reduced and consolidated. Accordingly, the then existing equity share capital of Rs 66.82 crore divided into 334 million shares of Rs 2 each was reduced and consolidated in to 3.34 million shares of Rs 2 each with effect from December 17, 2019.

Meanwhile, the company's board of directors is scheduled to meet on Friday, February 14, 2020 to consider financial results for the quarter ended December 2019 (Q3FY20).

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