On Monday shares of VIP Industries Ltd climbed 10 percent after Rakesh Jhunjhunwala increased his stake in the company to 5.31 percent. The stock rose to an intraday high of Rs 234.65 per share.
As per the luggage maker's recent stock exchange release on the shareholding pattern for the period ended 31 March 2020, the ace investor bought additional 2.85 lakh shares in the company during the last quarter of 2019-20, increasing his stake from 5.11 percent to 5.31 percent.
Data on BSE also showed that mutual fund houses have increased their stake in the company to 10.24 percent during the January-March period. As on 31 December 2019, their stake stood at 9.13 percent in the company.
However, foreign portfolio investors reduced their stake to 4.76 percent from 6.68 percent in the previous quarter in the Mumbai-based company that is known for manufacturing luggage bags and accessories.