Radhakishan Damani pares stake in Andhra Paper; stock gains 1%

Ace investor Radhakishan Damani popularly known as RK Damani in the recently concluded September quarter has pared a stake in Andhra Paper. The investor holds a stake in the paper and paper products firm through his investment firm, Bright Star Investments. At around 10:26 a.m., the stock traded around 1 per cent higher at Rs 593.4 apiece on the BSE.

As per the latest public shareholding pattern of Andhra Paper for the quarter ending September 2023, Bright Star Investment held a 1 per cent stake in the company, totalling to 3,99,296 equity shares. Nevertheless, the firm in the previous June ended quarter held a 1.26 per cent stake or 4,99,296 equity shares in the entity.

SEBI norms require shareholders holding 1 per cent or more shares of the listed entity to make disclosures.

Trendlyne data suggest FII/FPIs have increased their stake in the counter in the September quarter from 1.97 per cent to 2.65 per cent. Mutual funds, on the other hand, have reduced holdings from 4.66 per cent to 2.17 per cent in the quarter under review.

Andhra Paper with a market capitalisation of Rs 2,337 crore is a smallcap company.  Established in 1964, the company is amongst the leading integrated paper and pulp manufacturers in India.

In the last 1-year, the stock of Andhra Paper has gained 33.5%, while its 52-week low and high prices are Rs 371 and Rs 621.9 per share, respectively. 

As per the latest corporate shareholdings filed, RK Damani, promoter of Avenue Supermarts publicly holds as many as 14 stocks with a net worth of more than Rs 174,146.9 crore, Trendlyne data shows. The other prominent stocks in his portfolio include United Breweries, VST Industries, Blue Dart Express and 3M India among others.