Ishan Dyes and Chemicals shares surges 20% intraday as ace investor Shankar Sharma picks stake in company

This small-cap chemical company Ishan Dyes and Chemicals shares touched a new life high to Rs 166 per share, after surging for almost 20 per cent on the BSE intraday on Wednesday, as ace investor Shankar Sharma on Tuesday picked up stakes in the company through bulk deals on Tuesday. 

Sharma on February 8, 2022, picked around 7 lakh shares, which aggregates to around 4.4 per cent stakes in the company at Rs 121.71 per share. While Standard Greases and Specialities purchased 1 lakh shares at Rs 123 per share, BSE bulk deals data showed on Tuesday. 

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The promoter of the company Piyushbhai Natvarlal Patel has sold 20 lakh equity shares or a 12.52 per cent stakes in the company at Rs 123.83 apiece. The total promoter holding in the company was at 58.52 percent including a 24.86 percent stake held by Piyushbhai Natvarlal Patel. 

Incorporated in 1993, Ishan Dyes and Chemicals is into a business of competitive chemicals and pigments industry. The company mainly caters to manufacturing, engineering and infra segment. 

The market expert and investor Shankar Sharma publicly holds 5 stocks with a net worth of over Rs. 11.7 crore, as per the latest corporate filings, a stock analysis website trendlyne.com said. 

The multibagger stock has gained almost 200 per cent in the last one year, as compared to over 13 per cent rise in the BSE Sensex. In the last one month, it has surged by 60 per cent outperforming the both BSE Small-cap index and Sensex, as both slipped up to 4 per cent during same period. 

At around 11:40 am, the stock is trading over 15 per cent higher to Rs 159 per share on the BSE, as against 0.74 per cent rise in the S&P BSE Sensex.