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Business News/ Markets / Stock Markets/  Radhakishan Damani buys stake in VST Industries, shares surge to 52-week high

Ace investor and promoter of D-Mart stores Radhakishan Damani bought 2.7 lakh shares of VST Industries at a price of 4,259.99 apiece on Wednesday, according to BSE's bulk deal data. On the same day, India's biggest mutual fund house HDFC Mutual Fund sold 2.73 lakh shares of VST Industries, at 4,260 apiece.

Shares of VST Industries today surged as much as 8% to a new 52-week high of 4,602 today. Hyderabad-based VST Industries is into the business of manufacturing and sale of cigarettes and unmanufactured tobacco.

For the quarter ended September 30, VST Industries had reported a 34% jump in net profit to 76.32 crore. Revenue increased 3% to 323 crore.

Radhakishan Damani is the promoter of Avenue Supermarts, which operates D-Mart stores. The ace investor held 37% stake in the retail company, as of September 2019.

In late trade, VST Industries shares were up 7% at 4569.75 as compared to 0.45% gain in broader Mumbai markets.

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Updated: 14 Nov 2019, 03:22 PM IST
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