Advanced Enzyme surges 12% as Nalanda India Equity Fund ups stake by 3%
Shares of Advanced Enzyme Technologies surged 12 per cent to Rs 298 on the National Stock Exchange (NSE) in Tuesday’s intra-day trade after Nalanda India Equity Fund increased its stake by nearly 3 per cent stake in the company.
On September 20, 2022, Nalanda India Equity Fund purchased 2.91 million equity shares, representing 2.6 per cent stake in Advanced Enzyme Technologies, worth Rs 78.62 crore via block deal, NSE data shows. The foreign portfolio investor bought shares at weighted average price of Rs 270.03 per share, data shows.
Advanced Vital Enzymes Private Limited, the promoter of Advanced Enzyme Technologies, offloaded 2.57 million equity shares at a price of Rs 270.04 per share, bulk deal data shows. CLICK HERE FOR DETAILS
As of June 30, 2022, Nalanda India Equity Fund Limited held 6.96 million equity shares or 6.23 per cent stake in Advanced Enzyme Technologies, as per the shareholding pattern data.
Advanced Enzyme Technologies is a research driven company with global leadership in the manufacturing of enzymes and probiotics. The company providing eco-safe solutions to a wide variety of industries like human health care and nutrition, animal nutrition, baking, fruit & vegetable processing, brewing & malting, grain processing, protein modification, dairy processing, specialty applications, textile processing and others.
At 09:32 AM, the stock was trading 11 per cent higher at Rs 297, as compared to 1.2 per cent rise in the Nifty50 index. A combined 1.21 million equity shares had changed hands on the NSE and BSE till the time of writing of this report.
However, despite today’s run-up, the stock has underperformed the market by gaining 7 per cent in the past three months, as compared to 16 per cent rally in the benchmark index. In the past one year, it has declined 27 per cent, as against 2 per cent gain in the Nifty 50. The underperformance was due to weak earnings.
That said, Advanced Enzymes is confident that its existing capacities and capital investments would serve well to expand its enzymes and probiotics business.