Radhakishan Damani Buys Nearly 7 Lakh Shares Of This Shipping Stock

On Thursday, ace investor Radhakishan Damani bought 6.94 lakh shares of Cochin Shipyard from the open market as per NSE's bulk deals data. Shares of the company closed 8.52 percent higher at Rs 354.75 on the day and rose 3 percent in Friday morning trade.

Damani is a billionaire investor, businessman and the founder of DMart who also manages his portfolio through his Investment firm Bright Star Investments Limited.

NSE data showed that Damani bought 6,94,646 shares of Cochin Shipyard at Rs 349.14. This amounts to 0.5 percent stake in the company.

The shipping stock's value has grown over 40 percent in the last six months.

Earlier this month, Cochin Shipyard Limited, a PSE under the Ministry of Shipping, had earned the distinction of becoming the first company in the Shipping sector to be certified by Confederation of Indian Industries (CII) for the GreenCo Silver rating. Companies like IOCL, HPCL, BPCL, ONGC, GAIL, Indian Railway (units at ICF) hold this certification, which is awarded to companies meeting set norms in implementation of 'Green' environment in production and other working aspects.

Among other bulk deals on Thursday, Wisdomtree Emerging Markets Smallcap Dividend Fund bought 21,55,262 shares of Welspun Corp, which is 0.8 percent of its total paid-up capital, at Rs 115.2 per share on the NSE.