Nuvoco Vistas Corporation shares surge 26% in last three trading sessions after promoter picks additional stakes

Recently listed Nuvoco Vistas Corporation’s shares have jumped over 26 per cent in the last three trading sessions on the BSE on the news of one of the promoters picking additional stakes in the company through open market on February 25, 2022.  

The stock on Wednesday gained almost 17 per cent to touch day’s high level of Rs 404.75 per share on the BSE in the intraday trade on Wednesday. Eventually, it closed almost 10 per cent higher on the BSE as compared to 1.38 per cent fall in the S&P BSE Sensex. 

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Niyogi Enterprise Private Limited, one of the promoters of Nuvoco Vistas, purchased 68,222 equity shares of the company through open market purchase, as per the company's filing to exchanges on Friday, February 25, 2022. 

The overall holding of Niyogi Enterprise increased to 59.18 per cent from 59.17 per cent post acquisition, data shows. 

The stock had hit a record low of Rs 294.55 on February 24, 2022. Moreover, it has corrected 49 per cent from its 52-week high level of Rs 577.50 hit on September 6, 2021. The company debuted on the stock market on August 23, 2021, by issuing shares at a price of Rs 570 per share. 

The company had reported consolidated loss of Rs 86 crore in December-end quarter of this fiscal (Q3FY22) due to lower revenue as against a consolidated profit of Rs 44 crore in Q3FY21.  

While its revenue from operations declined 3 per cent year-on-year (YoY) to Rs 2,165 crore as against Rs 2,231 crore in the corresponding quarter of the previous fiscal year.  

Nuvoco has been working on multiple projects for a sustainable growth with an aspiration to diversify its market base and reduce the business risk. The ongoing debottlenecking projects to increase the clinker capacity at Risda and Nimbol Cement Plants are on track. 

Nuvoco Vistas Corporation is a leading building materials company and the fifth largest cement player, in terms of capacity, in India.