Mukul Agrawal Picks Up 1.80% Stake In This Small Cap Stock, Shares Jump 14%

  • Benzinga India
  • Stock Market News
Mukul Agrawal Picks Up 1.80% Stake In This Small Cap Stock, Shares Jump 14%

Benzinga - Shares of Dredging Corporation (NS: DRDG ) of India have been soaring in the past three sessions as the company filed its latest shareholding data with the exchanges.

What Happened: As per the latest shareholding data, ace investor Mukul Agrawal picked up a 1.80% stake in the company during the March quarter. The stake, worth 5.05 lakh shares is currently worth around ₹42.42 crore.

Shares of the company have jumped up close to 14% since the data was made public last Friday. The company has had a great run at the bourse this past year, going up over 170%. Apart from Agrawal, India’s biggest investor LIC (NS: LIFI ) also owns a stake in the company. The insurer has been a long-time investor in the company and currently holds around 4.39% stake.

Dredging Corporation of India is a leading dredging company in India, operating under the administrative control of four major ports: Visakhapatnam Port Authority, Jawaharlal Nehru Port Authority (Mumbai), Paradip Port Authority, and Deendayal Port Authority (Kandla).

Last month, the company signed an MoU with BEML (NS: BEML ) to manufacture dredgers and their spares in India. Dredgers are specialized vessels designed for deepening and widening sea coasts and riverbanks by removing sand and other sediments.

Price Action: DCIL’s share price was up 3.63% to trade at ₹837 shortly after market open on Tuesday.

Read Next: Global Analyst Maintains ‘Buy’ On HDFC Bank (NS: HDBK ) Ahead Of Results

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