Reports of Bollywood superstar Amitabh Bachchan buying shares of Nitin Fire Protection Industries have led to the stock gaining almost 20% in two days.
On Tuesday, the share price of the Mumbai-based fire-fighting equipment maker closed 9.46% higher at Rs 51.50 on the Bombay Stock Exchange.
On the National Stock Exchange (NSE), the share closed at Rs 51.50, up 9.33%.
The stock had spurted by 10% on the bourses on Monday.
According to the bulk data available on the NSE , Bachchan bought 15 lakh shares in Nitin Fire last Friday at Rs 42.99 per share. This, say traders, has triggered interest in the counter over the past two days, reports NDTV Profit.
Also, there has been a spurt in trading volumes of Nitin Fire shares on the exchanges ever since the news broke out. The volume went up by nearly 19 times on Friday on the NSE compared to previous session.
For the fiscal year ending March 2015, Nitin Fire posted a net profit of Rs 13.6 crore and revenues of Rs 489 crore.
In May, Amitabh along with his son Abhishek, had invested Rs 1.6 crore or in Meridian Tech Pte Limited.
Meridian Tech, valued at $71 million, is a Singapore-based company that runs free cloud storage, e-distribution and micro-payment platform Ziddu.com. The start-up has its development centre in Hyderabad, Business Standard reported.
Domestic Internet search firm Just Dial had allotted over 62,000 shares to Bachchan, after he signed as its brand ambassador in December 2010 for three years. Bachchan's holding in Just Dial is now worth over Rs 6 crore.
Besides, the Bachchans have a 3.4% stake in Stampede Capital, a Hyderabad-based equity and currency brokerage house.