Ace investor Ashish Kacholia has bought 3,97,000 Likhitha Infrastructure shares at Rs 386 a piece, lifting the stock by 5 per cent in Thursday’s session. Kacholia bought Rs 15.20 crore worth of stake in the civil construction company in a bulk deal on Wednesday.
Following the development, the stock rose 4.9 per cent to hit a high of Rs 494.15 on BSE. This was in addition to 15.20 per cent rise in the previous session. The scrip 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 stake in the company as of September end. Kacholia was not an investor in the company as of September 30, shareholding data on more than 1 per cent stake suggested.
At the prevailing price, the stock was up 109.38 per cent over its 52-week low of Rs 236 hit on June 22. A total of 1.94 lakh shares changed hands compared with a two-week average of 55,000 shares. That said, there were sell orders of 1,15,432 shares, against buy orders of 31,432 shares on the counter, as of 10.40 am.
As per Trendlyne, Kacholia held 42 stocks as of September 30, which are worth Rs 1,911.20 crore today.
Likhitha Infrastructure is an oil & gas pipeline infrastructure service provider in India, focused on laying pipeline networks along with construction of associated facilities. The company also provides operations and maintenance services to the city gas distribution (CGD) companies.
The company’s business operations can be broadly classified under three heads. They included pipeline infrastructure projects:
The company’s pipeline infrastructure business comprises of undertaking projects for laying of pipelines in cross-country pipeline projects as well as for setting up city gas distribution network and construction of associated facilities.
Its operation & maintenance (O&M) services includes offering of such services to CGD Companies. Its O&M Services business includes management services for CGD networks, other repairs, modernisation, scheduled shutdowns, as well as overhauling and maintenance of existing pipelines.
Meanwhile it is also engaged in operation & maintenance activities that includes deploying manpower and tools required for replacement of existing pipelines, emergency repair and maintenance, shifting and compressor hook up of pipelines with associated facilities.