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Shares of Panama Petrochem Ltd. surged 15% on the BSE at 295 apiece in Wednesday's session after the company released its latest shareholding pattern. As per the data, veteran Indian investor Ramesh Damani has picked up stake in the petroleum lubricating oil and grease manufacturing company during the December quarter.

Ramesh Damani, known for his value picks, has bought 1.26% stake or 6,16,379 shares in Panama Petrochem in the third quarter, BSE shareholding data as of December 2021 showed. He did not have any stake in the previous quarter.

Panama Petrochem Ltd is one of the leading manufacturers and exporters of petroleum specialty products. It has four manufacturing units in India namely in Ankleshwar (Gujarat), Daman (Union Territory), Dahej (Gujarat, SEZ) and Taloja (Dist. Raigadh) having infrastructure, with state-of-the-art technology and storing capacities. 

Panama Petrochem is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The company had recently declared an interim dividend of 2 per equity share of 2 each, while announcing its September quarter earnings. 

Panama Petro shares have outperformed by giving multibagger return of around 190% in a year's period as compared to over 24% rise in benchmark index Sensex. From trading around 102 level in January 2020, the scrip currently hovers over 295 per share. Meanwhile, in the last five trading sessions, the multibagger stock has surged around 18%.

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