Ramesh Damani stake buy in Panama Petrochem lifts shares 18%, intraday on BSE
Renowned investor Ramesh Damani has made a fresh entry into Panama Petrochem on Wednesday. The this petrochemical stock closed with over 11 per cnet gains on the BSE
Renowned investor Ramesh Damani has made a fresh entry into Panama Petrochem on Wednesday. The this petrochemical stock spurted 18.5 per cent to Rs 305 per share on the BSE intraday trade while settling at 286.90 or 11 per cent higher from the Tuesday closing price.
According to the December shareholding pattern of the Panama Petrochem, the ace investor Ramesh Damani, who is known for high-quality value picks, picked 1.26 per cent stake, which aggregates to 6,16,379 equity shares. This data available on the exchanges.
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Ramesh Damani follows the Warren Buffett model of investing, which favors companies with strong management credentials and processes. And, besides this he has an investment in Goldiam International. The investor also owns a company called Ramesh S Damani Finance Pvt Ltd.
Besides Damani, another renowned investor Anil Kumar Goel has also picked additional 0.1 per cent stakes in the company, during December quarter. In total, he holds 7,80,000 equity shares, which comprises of 1.6 per cent stake, as per the shareholding pattern available on the BSE.
Panama Petrochem Ltd is one of the leading manufacturers and exporters of petroleum specialty products and has consistently provided quality services since 1975.
The company has four manufacturing units in India namely in Ankleshwar (Gujarat), Daman (Union Territory), Dahej (Gujarat, SEZ) and Taloja (Dist. Raigadh). These plants have infrastructure, with state-of-the-art technology and storing capacities.
The company caters to various other segments such as automotive, pharma, cosmetic among others, and make products as oil and grease, inks and resins, waxes, drilling fluids among others.
The stock in the last one year has reported a growth of around 185 per cent on the BSE as compared to a 24 per cent rise in the S&P BSE Sensex. The counter closed almost 11.5 per cent higher to Rs 287 per share on the BSE as against 0.61 per cent rise in the S&P BSE Sensex.
The stock on Wednesday was trading near its 52-week high of Rs 309.65 per share on the BSE, touched on August 5, 2021.
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