Shares of Advanced Enzyme Technologies surged 12% to Rs 298 intraday on Tuesday after the Nalanda India Equity Fund increased its stake in the company by nearly 3%.

On September 20, 2022, the Nalanda India Equity Fund bought 2.91 million shares, representing a 2.6% stake in Advanced Enzyme Technologies, worth Rs 78.62 crore in a block trade, NSE data showed. The data showed that foreign portfolio investors bought shares at a weighted average price of Rs 270.03 per share.

Advanced Vital Enzymes Private Limited, the promoter of Advanced Enzyme Technologies, sold 2.57 million shares at Rs 270.04 per share, block trade data showed.

Shareholding pattern data shows that as of June 30, 2022, Nalanda India Equity Fund Limited held 6.96 million shares or 6.23% of Advanced Enzyme Technologies.

Advanced Enzyme Technologies is a research-driven company and a global leader in manufacturing enzymes and probiotics. The company provides eco-safe solutions for a wide range of industries, including human health and nutrition, animal nutrition, baking, fruit and vegetable processing, brewing and malting, grain processing, protein modification, dairy processing, special applications, textile processing, and more.

Shares were up 11% at Rs 297 at 9:32 am, while the Nifty50 index was up 1.2%. As of this writing, a total of 1.21 million shares in the NSE and BSE have changed hands.

However, despite today’s gains, the stock has lagged behind the market with a 7% gain over the past three months, compared with the benchmark’s 16% gain. It’s down 27% over the past year compared to a 2% gain in the Nifty50. The underperformance was due to weak earnings.

• Govt to impose 10% import duty on desi chana from 1st April
• Xi Jinping Meets Global CEOs Amid Slowing Investment
• ChatGPT’s Viral Ghibli-Style Images Spark AI Copyright Debate
• BEML Shares Extend Gains on Rs 405 Crore Contract
• Force Motors Shares Soar 7% on Securing Order for Force Gurkha Light

Nonetheless, Advanced Enzymes believes its existing capacity and capital investment will be well positioned to expand its enzymes and probiotics business.