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These two stocks have doubled investor wealth in less than 3 months

One of the stocks has been locked in 5 per cent upper circuit on the BSE for 14 straight sessions


SI Reporter  |  Mumbai 

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Shares of skin and hair care solution company Kaya and real estate firm Prozone Intu Properties have seen their prices more than doubled since April after ace investor Radhakishan Shivkishan Damani acquired more than one percentage stake in these companies during the March quarter (Q4FY20). Damani had nil holdings in these companies at the end of the December quarter.

Damani had picked up a 1.11 per cent equity stake in Kaya, a skincare, haircare, and beauty solutions provider. He has bought 144,464 equity shares in the Harsh Mariwala-owned company, the March shareholding pattern data shows.

Since April, the stock has rallied 137 per cent to Rs 263.95 till Friday from Rs 111.40, hit on March 31, 2020. The stock was locked in 5 per cent upper circuit for the past 14 consecutive sessions on the BSE. It touched an all-time low of Rs 96 on March 27, 2020, and has lost 60 per cent of its value in the last one year.

The stock of real estate company Prozone Intu Properties has rallied 156 per cent from Rs 8.60 to Rs 21.15. It hit a 52-week high of Rs 28.55 on Monday, June 8, 2020. However, since then, the stock has been locked in lower circuit for the fifth straight day, down 5 per cent at Rs 21.15 today.

Damani bought 1.93 million equity shares, or 1.26 per cent stake, in the company during the March quarter, against nil holding at the end of December 2019 quarter.

Rakesh Jhunjhunwala (2.06 per cent), Rajesh Rama Narang (1.52 per cent) and Aditya Shyamsunder Chandak (1.13 per cent) are the other individual shareholders who held over one percentage point stake in the company at the end of March 2020, data shows.

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First Published: Fri, June 12 2020. 11:34 IST