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Porinju Veliyath's firm buys 4 lakh shares in Archies, shares surge

On the BSE, 4.83 lakh shares were traded on the counter so far as against the average the daily volumes of 3.72 lakh shares in the past two weeks.

ETMarkets.com|
Last Updated: Apr 11, 2017, 09.46 AM IST
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Over the past one year, share price of Archies Ltd has surged 56 per cent to Rs 33.55 on April 10, 2017 from Rs 21.40 on April 11, 2016. The BSE Sensex gained 18 per cent during the same period.
Over the past one year, share price of Archies Ltd has surged 56 per cent to Rs 33.55 on April 10, 2017 from Rs 21.40 on April 11, 2016. The BSE Sensex gained 18 per cent during the same period.
Shares of Archies surged over 7 per cent and hit their fresh 52-week high of Rs 36.25 in early trade on Tuesday after smallcaps czar Porinju Veliyath-led Equity Intelligence India on Monday bought 4,00,000 shares of the company at Rs 29.15 a share on NSE.

With market capitalisation of around Rs 120 crore, the scrip was trading 7.30 per cent up at Rs 36 around 9.17 am (IST). Shares of the company opened at Rs 35.25 and touched an intraday high and low of Rs 36.25 and Rs 35, respectively, in trade so far. Benchmark BSE Sensex was up 31 points, or 0.10 per cent, at Rs 29,610.13.

On the BSE, 4.83 lakh shares were traded on the counter so far as against the average the daily volumes of 3.72 lakh shares in the past two weeks.

Over the past one year, share price of Archies Ltd has surged 56 per cent to Rs 33.55 on April 10, 2017 from Rs 21.40 on April 11, 2016. The BSE Sensex gained 18 per cent during the same period.

For the quarter ended December 31, 2016, the company reported a net profit of Rs 0.14 crore against Rs 0.84 crore in the corresponding quarter last year. Revenue of the company jumped 1.14 per cent on a year-on-year basis to Rs 49.75 crore for the quarter under review. It had reported top line of Rs 49.19 crore in the same quarter last year.

Shares of Archies Ltd have hit their all-time of Rs 163.80 on August 25, 1999 and all-time low of Rs 6.64 on March 16, 2009.

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