Capacite Infraprojects hits 52-week high as Societe Generale picks up stake

Shares of Capacite Infraprojects rose in early trade on June 14 to hit a fresh 52-week high of Rs 211.80, a day after European investment firm Societe Generale picked up a 3.5 percent stake in the company.

Societe Generale has bought 24.17 lakh equity shares or a 3.5 percent stake in the construction company through open market transactions on June 13. The shares were bought at an average price of Rs 190 apiece, taking the total deal value to Rs 45.93 crore.

Meanwhile, it was foreign company Newquest Asia Investments II that sold 32 lakh shares or a 4.7 percent stake at an average price of Rs 190.04 per share the same day.

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The stock has gained 24 percent in the past seven sessions which prompted investors to book partial profits. As a result, at 12.23 pm, shares of Capacite Infraprojects were off their day’s highs, trading flat at Rs 205.30 on the National Stock Exchange.

Trading volumes were also strong as 26 lakh shares exchanged hands on the bourses, as against the one-month daily traded average of 20 lakh shares.

Earlier this month, sentiment for the stock was also on the uptrend after the company announced plans to raise Rs 96.30 crores through a preferential issue of equity shares.

The company plans to utilise the raised funds to support the company’s long-term working capital requirements.

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