Selan Exploration extends rally on stake hike by Dolly Khanna

Selan Exploration Technology has rallied 11% to Rs 278, also its 52-week high on the National Stock Exchange (NSE) in intra-day trade after the investor Dolly Khanna bought an additional nearly one percentage point stake in the company through the open market.

On Wednesday, August 8, 2018, Dolly Khanna purchased 104,250 equity shares representing 0.64% stake in Selan Exploration Technology through a bulk deal, the NSE data shows. The investor bought shares worth of Rs 25.4 million at Rs 244.03 on NSE.

Dolly Khanna owns 243,400 shares or 1.48% stakes in exploration firm at the end June quarter, according to shareholding pattern available with the exchanges.

Meanwhile, in past three trading sessions, the stock Selan Exploration Technology zoomed 39% from Rs 201 on Monday, August 6, after the company reported a more than four-fold jump in net profit at Rs 142.5 million in June 2018 quarter. It had a profit of Rs 33.9 million in the same quarter last fiscal.

At 10:45 am; the stock was trading 7% higher at Rs 269 on the NSE, as compared to 0.26% rise in the Nifty 50 index. The trading volumes on the counter more than doubled with a combined 1.4 million equity shares changed hands on the BSE and NSE so far.