This RK Damani stock jumps 13% to hit new 52-high; veteran sells 1 lakh shares in September quarter

Shares of Andhra Paper rallied during the early trading session on Wednesday. The stock, which is also owned by the seasoned investors and Dalal Street Veteran Radhakishan Damani, hit its new 52-week high during the session. However, Damani has trimmed his stake in the company for the quarter ended on September 30, 2023.

Shares of Andhra Paper Ltd rallied more than 13 per cent to Rs 675 on Wednesday' session, hitting its new 52-week highs and commanding a total market capitalization of close to Rs 2,700 crore. The scrip had settled at Rs 596.20 in the previous trading session on Tuesday.

Shares of Andhra Paper have surged about 60 per cent in the last six months, while the stock is up 55 per cent in the last one year. It has gained more than 30 per cent in the last one period, while the stock has delivered a 400 per cent return from its covid-19 lows around Rs 135 apiece.

Andhra Paper is engaged in the Business of Manufacture and sale of paper, pulp and paper & paper board. It produces writing and printing paper, copier, and a wide range of specialty paper used in a diverse range of applications such as photos, batteries, cups, charts, and other packing solutions.

Radhakishan Damani-owned Bright Star Investment owned 3,99,296 equity shares, or 1 per cent stake, of Andhra Paper for the quarter ended on September 30, 2023. However, it owned 4,99,296 equity shares, or 1.26 per cent stake in the company in the preceding quarter ended June 2023.

It means that Damani-backed Bright Star Investment sold 1,00,000 equity shares of the company between July-September 2023 period. At day's high, Damani's current holding in the company stood at Rs 26.63 crore. Damani has been holding at least one per cent stake in the company since June 2020, and has trimmed stake for the first time.

It is mandatory for all listed companies to release their shareholding pattern on a quarterly basis, and disclose the entities which hold a significant stake, at least one per cent stake, in the company at the end of the specific quarter.

Other than these, Radhakishan Damani maintained status-quo in terms of shareholding in United Breweries and VST Industries. As per the latest corporate shareholdings filed so far, Radhakishan Damani publicly holds 14 stocks with a net worth of more than Rs 1,72,380.8 crore.

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