Shares of BCL Industries continued their upward trend for the second consecutive session on Wednesday (March 5) after the company’s promoter acquired additional shares in the open market, reports ET Now.
The stock opened 1.50% higher at Rs 37.48 on the NSE, compared to the previous close of Rs 36.99, and surged further to hit an intraday high of Rs 38.75, marking a gain of 4.62%.
Over the past two trading sessions, BCL Industries shares have delivered a return of 10%. The stock is currently trading above its 5-day moving average but remains below its 20-day, 50-day, 100-day, and 200-day moving averages.
In a regulatory filing, BCL Industries disclosed that Kushal Mittal, one of the promoters, purchased an additional 2.47 lakh shares of the company in the open market over the previous two trading sessions (March 3 and 4). This follows Mittal’s acquisition of 1,56,825 equity shares on February 28, as per exchange data.
BCL Industries, a leading agro-processing manufacturing company and a constituent of the BSE SmallCap index, has recently seen an increase in promoter shareholding. Despite the recent rally, the stock is currently trading at a three-year low and has corrected by 46% over the past year. However, it has delivered a multibagger return of 683% over the last five years.
In October 2023, the company split the face value of its shares in a 10:1 ratio, reducing the face value of each share from Rs 10 to Re 1.
With a market capitalization of Rs 1,142.58 crore, as per the BSE website, BCL Industries remains a key player in India’s agro-processing sector, with diversified business operations. The recent stake acquisition by the promoter reflects confidence in the company’s growth prospects, driving investor interest in the stock.
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