Shares of Advanced Enzyme Technologies rallied 8 per cent to Rs 295 on the National Stock Exchange (NSE) in the early morning trade on Friday after foreign portfolio investor (FPI) bought nearly 4 per cent stake in the company via open market. The stock of the agricultural products company was trading at its fresh 52-week high and has soared 30 per cent in the past two trading days.

On Thursday, September 24, 2020, Nalanda India Equity Fund bought 4.19 million equity shares, representing 3.75 per cent stake, in Advanced Enzyme for Rs 111 crore. The FPI purchased shares at price of Rs 263.80 per share on the NSE via bulk deals, the exchange data show.

Advanced Vital Enzymes Private Limited sold 3 million equity shares at price of Rs 265 per share on the NSE. The name of the other sellers could not be ascertained immediately.

Advanced Enzyme Technologies in annual report 2019-20 said it may benefit from an increase in healthcare spending in the US and India. The US has the highest health spending in the world and it is drastically moving towards the usage of human healthcare enzymes and Probiotics. The usage of high protein and genetically modified proteins is picking up the market in the country to match the high efficiency and fast-moving lifestyle.

The company intends to expand its presence in the huge global market for Animal Feed. The management further said the company will continue to drive revenues by expanding distribution networks and registrations in key target geographies like North America, Europe, and Latin America.

At 09:18 am, the stock was trading 5 per cent higher at Rs 286 on the NSE, as compared to 1.2 per cent rise in the Nifty50 index. A combined 436,000 equity shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor