Virat Industries shares have hit the 10% upper circuit for six days straight and are currently attracting heavy bullish sentiments. The small-cap garments and apparel stock has also surged 100% in a month doubling investors’ money in a short span. Traders who took an entry position early this year have made massive profits with the microcap stock.
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On Friday’s opening bell alone, Virat Industries shares hit the upper circuit of 10% rising 27.15 points in the indices. It hit the upper circuit just five minutes after the opening bell. It is among the top-performing stocks in the market and outperformed all leading equities that remain under the radar currently.
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Why Are Virat Industries Shares Rising?
Source: bankrate
Virat Industries shares are hitting the upper circuit and are dramatically rising in the charts after leading stock market investor Bhavook Tripathi announced the acquisition of a stake in the company. Tripathi announced an open offer to acquire 3.7 million equity shares at around a 25% stake in the apparel firm. The offering price from the investor was Rs 158 from the public shareholders.
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On Tuesday, the Virat Industries board approved the allotment of 9.6 million shares to Tripathi. The company then announced its fundraising plan by issuing equity shares on a preferential basis to the leading stock market investor. Since then, Virat Industries shares are only heading north and are among the top gainers in the stock markets.
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The trading volume in Virat Industries shares jumped 10-fold this week with close to 221,000 shares being exchanged. Even before it hit the upper circuit on Friday, there were pending buy orders of close to 51,173 shares. The buy orders did not go through as they hit the 10% circuit just five minutes after the opening bell. However, Monday’s trade will be decisive as traders could indulge in profit bookings and sell-offs.