Edited By Sujata Kushwaha | Economic Times | Updated: 29 May 2020, 02:40:00 PM IST
- Experts are advising to keep distance from smallcap stocks, but Kaya's stock is climbing
- The stock has already seen a 9% jump since March 15
- Radhakrishna S. Damani has bought more than one percent stake in this company
- Since then, the company's stock has been steadily rising.
Rahul Oberoi, New Delhi
There is a lot of uncertainty in the stock market these days. In such a situation, experts are advising to stay away from smallcap stocks. But there is one stock which has been turned by Radhakrishna Damani, one of the biggest investors in the country. This stock is of smallcap company 'Kaya', which has been continuously rising. In today's business, Kaya shares were seen up around 5 per cent at Rs 160.15 in the afternoon. The stock has already seen a 9% jump since March 15.
Damani's 1.11 percent stake in Kaya
Radhakrishna S Damani has bought more than one per cent stake in this company. Kaya is a skin and hair care services company owned by Harsh Mariwala. Damani owns the retail chain DeMart and is one of the biggest investors in the stock market. Their investments are monitored by the entire market. He bought a 1.11 per cent stake in Kaya in March and since then the stir in this smallcap share has intensified. Damani had 1.44 lakh shares as on 31 March.
Kaya's shares had fallen by 90%!
After Damani's investment, Kaya shares have seen a stir. However, the stock price had fallen by 90 per cent in the last five years. On March 15, the company had put the shareholding data on the stock exchanges website. On March 27, this stock had an upper circuit. Its price was up 5 per cent to Rs 147.15.
Constant loss to body
Kaya has been losing for the last 5 quarters. The company had a loss of Rs 17.02 crore in the December quarter. The company has not yet announced the March quarter results.
Who is Damani?
Damani is the second richest person in the country with a net worth of $ 13.80 billion. His net worth is. Often seen in white bets and white pants, he is one of the biggest investors in the country. Noted investor Poranju Veliyath has also increased his stake in Kaya.