Advanced Enzyme stock gains 33% in 2 days as Nalanda India picks up stake
Published On: Friday, September 25, 2020 | By: Team KnowMyStock
Shares of agricultural products company Advanced Enzyme Technologies rallied 13 per cent to Rs 317 on the National Stock Exchange (NSE) in the early morning trade on Friday touching new 52 weeks high and surging over 33 per cent in the last 2 days, after foreign portfolio investor (FPI) bought nearly 4 per cent stake in the company via the open market. Nalanda India Equity Fund has bought 41,90,491 equity shares in Advanced Enzyme Technologies (representing 3.75 per cent of the total paid-up equity) for Rs 111 crore, at Rs 263.8 per share. Advanced Vital Enzymes Private Limited sold 3 million equity shares at a price of Rs 265 per share on the NSE. Advanced Enzyme Technologies in annual report 2019-20 said it may benefit from an increase in healthcare spending in the US and India. The US has the highest health spending in the world and it is drastically moving towards the usage of human healthcare enzymes and Probiotics.
The company has strong cash-generating ability from core business - improving cash flow from operation for the last two years. The stock is showing strong momentum: price above short, medium and long term moving averages.
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
