HLE Glascoat Shares Jump Over 15% After Multiple Large Trade

Shares of HLE Glascoat Ltd. jumped over 15% to a five-month high on Wednesday after over 3% equity changed hands in a large trade the previous day.

Promoter Himanshu Patel sold 10 lakh shares, or 1.46% equity, at Rs 505.84 apiece. Promoters Nilesh Patel and Harsh Patel sold 10.09 lakh shares, or 1.48% stake, and 4.65 lakh shares, or 0.68% equity, at Rs 505 apiece, respectively, according to data on exchanges.

DSP Mutual Fund bought 24.01 lakh shares, or 3.52% equity, for Rs 505 apiece.

Shares of the company rose 12.74% to Rs 572.6 apiece, compared to a 0.41% decline in the benchmark NSE Nifty 50 as of 10.04 a.m. The stock surged 15.68%, the most since April 17, to Rs 587.55 apiece.

The stock has risen 13.91% on a year-to-date basis. The total traded volume so far in the day stood at 95 times its 30-day average. The relative strength index was at 46.5.

The lone analyst tracking HLE Glascoat has a 'buy' rating on the stock, according to Bloomberg data.