This Radhakishan Damani Owned Stock Has More Than Doubled Investor Wealth In Six Months
Shares of Mangalam Organics Ltd. hit the 5% upper circuit on Friday after the promoters of the firm increased their stake. The stock hit a fresh 52-week high, extending gains for the sixth day.
The scrip first rose after promoter Kamal Kumar Ramgopal Dujodwala bought 3.2 lakh shares, or 4% equity, worth Rs 17.82 crore in a block deal on Sept. 3.
Radhakishan Damani retained his 2.2% stake in Mangalam Organics despite the stock hitting its 52-week low in March. The ace investor has held his stake since the June quarter of fiscal 2021.
The chemicals company’s shares have rallied 145% from its 52-week low of Rs 269 per share hit on March 28. The stock has gained more than 50% in the last one month and 89.11% in the past three months, while rising over 65% in the last one year.
Mangalam Organics primarily manufactures chemicals such as camphor, camphene, isobornyl acetate, isoborneol and more. It also has a retail presence through its brands Mangalam and CamPure.
Shares of the company hit the 5% upper circuit at Rs 660.95 per share, compared to a 0.9% decline in the NSE Nifty 50 as of 11:44 a.m.
In a six-day rally since Aug. 30, the stock has gained 23.11%. It has risen 74.72% year-to-date. Total traded volume so far in the day stood at 4.4 times its 30-day average. The relative strength index was at 84.42, indicating that the stock may be overbought.
