Business

Rain Industries jumps 5% after increasing stake in investment fund Fpi Pabrai


With foreign portfolio investors increasing their stakes in Rain Industries, the company’s shares rose 5% on Tuesday.

Pabrai Investment Funds bought 2.05% of the company’s capital through open market transactions. As a result, Pabrai Investment Funds’ stake in Rain Industries rose to 8%, against 5.95% previously.

At the end of September, Pabrai Investment Fund II and Pabrai Investment Fund 3 held 4.4% and 1.3% of the company’s capital, respectively.

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Overall, REITs held over 12% of the capital of Rain Industries, while mutual funds held 0.2% of the capital at the end of September.

An increase in REIT participation has hinted at the underlying buying interest in the stock. It also reflected investor confidence in the company’s business prospects.

Rain Industries operates in three key business segments: carbon, chemicals and cement. The company produces high-quality calcined petroleum coke, coal tar pitch and other basic and specialty chemicals.

The company has manufacturing facilities in eight countries on three continents.

As of 10:22 am, the company’s shares were up 3.7% to Rs 218.6 on BSE.

The title opened with a gain of almost 3 percent today. Since the start of the year, the stock has gained 72% against the Nifty500 index which has only risen by 28% during the same period.

First publication: STI


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