The share price of Rossari Biotech gained over 5 percent on Thursday after Plutus Wealth Management acquired shares of the company in a bulk deal. Rossari Biotech rose as much as 5.29 percent to Rs 859 per share on the NSE.
The stock has rallied over 18 percent in the last two trading sessions and has more than doubled against the issue price of Rs 425.
On Wednesday, Plutus Wealth acquired 3,00,000 shares of the company at Rs 773.82 per share.
Plutus Wealth Management is a financial advisory firm based in the UK. In June, the company lapped up shares in IFB Industries and bought 2,55,000 shares at Rs 392.62 per share.
On July 23, Rossari Biotech was listed at Rs 670 per share, about 58 percent premium from the issue price of Rs 425.
In Q1FY21 earnings, the company reported a 9.4 percent increase in consolidated net profit to Rs 15.49 crore as against Rs 14.16 crore in the corresponding quarter last year. Consolidated revenue from operations rose 14.13 percent year-on-year to Rs 109.47 crore.
Rossari Biotech provides customised solutions to specific industrial and production requirements of customers primarily in the FMCG, apparel, poultry and animal feed industries.
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