This stock hit 5% upper circuit as Rajesh Jhunjhunwala buys stake

Shares of Kings Infra Venture, a technology-driven sustainable aquaculture company, hit the upper circuit in opening deals on Wednesday after ace investors Rakesh Jhunjhunwala’s brother acquired stake in the company. Rajesh Kumar Jhunjhunwala, brother of Rakesh Jhunjhunwala, purchased 1.2 lakh shares of Kings Infra Ventures on Tuesday, bulk deal data published on BSE showed. This amounts to 0.51% equity stake in the company.

Rajesh Jhunjhunala bought the shares at an average price of ₹64.67 per share, which amounts to around ₹77.60 lakh.

On Wednesday, Kings Infra Venture shares opened higher and locked in an upper circuit of 5% at ₹71.30 on the BSE. The stock ended 0.82% higher at ₹67.95 in the previous session.

The stock was trading higher than 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. It hit a 52-week high of 76.25 on February 11, 2022, while it touched a 52-week low of 20.95 on March 5, 2021.

Technically, the stock turned “bullish” from “mildly bullish” on January 17, 2022 at ₹42 apiece.

How Kings Infra Venture shares fared so far

Kings Infra Venture shares have gained more than 100% since the beginning of the calendar year 2022, while it surged 106% over the past six months. In the last one month, it has surged 43% and 5% over the past one week.

With a market capitalisation of 167.64 crore, the smallcap stock has delivered a return of 172% over the past one year, 307% over 3 years, and 412% during the last five years.

For the third quarter ended December 31, 2021, the net profit rose to ₹0.91 crore compared with ₹0.31 crore in the year ago period and ₹0.68 crore for the period ended September 30, 2021. However, total income dropped to ₹8.76 crore as against ₹10.93 crore in the prior year period, and ₹9.63 crore during the period ended September 30, 2021.

For 9-month ended FY22, the profit stood at ₹2.18 crore as against ₹0.78 crore during the same period last year. Total income slipped to ₹28.75 crore as compared to ₹28.05 crore during the 9 months period ended December 31, 2020.

Kochi-based Kings Infra Venture is engaged in activities in aquaculture farming, seafood processing, international trade of marine products, aquaculture consultancy, food related infrastructure development and venturing into domestic marketing and supply of retail packed marine products. Recently, it created a world record in the growth of pond-based aquaculture of L. Vannamei shrimps by harvesting shrimps weighing 80 gms (210 mm). L Vannamei commonly known as the whiteleg shrimp are native to the eastern Pacific Ocean, from the Mexican state of Sonora to as far south as northern Peru.