Veteran investor Ashish Kacholia bought 3,97,000 Likhitha Infrastructure shares at Rs 386 per piece, helping the stock gain 5 per cent in Thursday’s session. Kacholia on Wednesday bought stake worth Rs 15.20 crore in a civil construction company in a bulk deal.
Following the development, the stock rose 4.9 per cent to hit an intraday high of Rs 494.15 on the BSE. This was in addition to a rise of 15.20 per cent in the previous session. The stock has jumped 21 per cent in two days. Small retail investors held 15.98 per cent stake in the company as of September 30, while HNI investors such as Kacholia held 6.28 per cent at the end of September. Kacholia was not an investor in the company as of September 30, with shareholding data suggesting over 1 per cent stake.
At the current price, the stock was up 109.38 per cent from its 52-week low of Rs 236 hit on June 22. A total of 1.94 lakh shares changed hands as compared to the two-week average of 55,000 shares. That said, till 10.40 am, there were sell orders of 1,15,432 shares against buy orders of 31,432 shares at the counter.
According to Trendline, Kacholia held 42 shares as of September 30, which are worth Rs 1,911.20 crore today.
Lakhitha Infrastructure is an oil and gas pipeline infrastructure service provider in India, focused on laying pipeline networks along with construction of associated facilities. The company also provides operation and maintenance services to City Gas Distribution (CGD) companies.
The business operations of the Company can be broadly classified under three heads. They included pipeline infrastructure projects:
The company’s pipeline infrastructure business includes cross-country pipeline projects as well as projects for laying pipelines for the establishment of city gas distribution networks and construction of related facilities.
Its Operation and Maintenance (O&M) services include offering such services to CGD companies. Its O&M services business includes management services for CGD networks, other repairs, modernisations, scheduled shutdowns as well as overhauling and maintenance of existing pipelines.
Meanwhile it is also engaged in operation and maintenance activities which include replacement of existing pipelines, emergency repair and maintenance, relocation of pipelines with associated facilities and manpower and equipment required for compressor hook up.