Ace investor Radhakishan Damani has picked up 2 percent stake in a chemicals firm Mangalam Organics and as the report came about Damani’s move, the stock has hit upper circuit. Small investors usually pick up a stock whenever reports emerge about major investors picking up stake in any listed company. For quarter ending June 2020, Mangalam Organics shows Damani as hold 2.17 percent stake in the company.

As per the previous shareholding pattern for Mangalam Organics, Damani wasn’t among investors with over one percent stake.

The stock was trading 5 percent higher in today’s trade at Rs 425.65. Mangalam Organics has jumped nearly 40 percent this year. The stock has touched 52-week high in today’s session. 52-week high and low for Mangalam Organics remains Rs 425 and Rs 121 respectively. The debt-free company reported sales of Rs 82 crore and net profit of Rs 13 crore for the quarter ending March 2020.

Mangalam Organics manufactures and sells camphor, sodium acetate and by-products, terpene chemicals, synthetic resins and phenol formaldehyde resins.