Institutions using spike in Balrampur Chini Mills to exit

The sugar company stocks have been witnessing a surge in their stock prices after the union government increased the price of ethanol. Several sugar stocks hit the 20% upper circuit limit on the stock exchanges during the trading on Friday, September 14, 2018.

Most of the sugar stocks witnessed hectic activity from intraday jobbers. But, amidst this a couple of institutions were actively dumping the shares of UP based sugar major Balrampur Chini Mills Ltd.

In NSE, AEQUITAS INVESTMENT CONSULTANCY PVT LTD sold 1170617 equity shares of the company at an average price of Rs. 90.24. NORGES BANK A/C NORGES BANK ON ACCOUNT OF THE GOVERNMENT P also sold 1924846 equity shares of the company at an average price of Rs. 84.44.

Client Name	Quantity	Average Trade Price
AEQUITAS INVESTMENT CONSULTANCY PVT LTD	1170617	90.24
NORGES BANK A/C NORGES BANK ON ACCOUNT OF THE GOVERNMENT P	1924846	84.44

In NSE, shares of Balrampur Chini Mills Ltd closed the day at Rs. 88.80, up by Rs. 10.80 or 13.85. The stock hit an intraday high of Rs. 92.15 and low of Rs. 78.55. The total traded quantity during the day was 7,03,86,426 and the deliverable quantity was 92,24,410 shares or 13.11%.

The exit of the institutions from a leader in the industry shows that there is no change in the views of investors and the measures taken by the government are mostly political.

Source : Equity Bulls

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