Astra Microwave share price rises 9% after Radhakishan Damani buys stake

Share price of Astra Microwave Products touched 52-week high of Rs 127.9 on Friday after ace investor Radhakishan Damani purchased 1.03% stake in the company in the June quarter.

Astra Microwave share opened with a loss of 3.29% to an intraday low of Rs 113.3 on BSE. However, the stock price gained momentum and climbed 9.18% to a new 52-week high as well as intraday high of Rs 127.9 against the last closing of Rs 117.50.

Astra Microwave stock has risen 13.25% in last 4 days of consecutive gains. Astra Microwave shares have risen over 12% in one week, 15.21% in one month and 47% since the beginning of the year. Astra Microwave stock price stands higher than 5, 20, 50, 100 and 200-day moving averages.

The stock of the defence sector player has outperformed the sector by 4.36% in today's session. Total market capitalisation of the firm stood at Rs 1,058 crore as of today's closing session.

Astra Microwave said in a regulatory filing that Damani, who did not have a stake in the company in the March quarter, has bought 8,96,387 shares during the June quarter.

As per the shareholding pattern as of June, Mumbai-based investor Radhakishan Damani, who is also the promoter of supermarket chain DMart, has 1.03% stake in the company.

The company's shareholding pattern showed that promoters held 10.05% stake in the company while the remaining stake was held by the public. Mutual funds, including Sundaram Mutual Fund, ICICI Prudential Infrastructure Fund and L&T Emerging Opportunities Fund held 8.14% stake in the defence company.

Shares of Astra Microwave closed 4.35% higher at Rs 122.25 on BSE today.