Agricultural products company Advanced Enzyme Technologies' share price rallied 16 percent after Nalanda India Equity Fund bought 3.75 percent equity stake via open market transaction on September 24. The stock gained as much as 16 percent and went up to Rs 317 a piece on the NSE. At 1.50 pm on September 25, the shares traded over 9 percent at Rs 298.55.
According to the bulk deal data, Nalanda India Equity Fund bought 41,90,491 equity shares in Advanced Enzyme Technologies (representing 3.75 percent of the total paid-up equity) at Rs 263.8 per share.
In the last two days, the stock zoomed by 41.5 percent. Since March low levels, the stock has delivered 220 percent returns to shareholders.
Advanced Enzymes is a research-driven company with global leadership in the manufacturing of enzymes and probiotics.
In its annual report 2019-20, the company mentioned that it expects to benefit from the healthcare spending in the US. The demand of probiotics and genetically modified proteins is picking up, which will be a trigger for revenue generation.
The company's management is looking to expand its distribution channels in North America, Latin America and Europe and drive more revenues.
