Shares of Laxmi Organic Industries jumped as much as 18 per cent on Friday after Goldman Sachs India Fund and Plutus Wealth Management bought shares of the company via bulk deals on Thursday. Laxmi Organic’s stock was currently trading around Rs 182, up 11 per cent from its previous close, while the benchmark index, Sensex gained 1.4 per cent.

According to the bulk deal data on the NSE, Goldman Sachs India Fund bought 1.68 million shares or 0.63 per cent stake of the company at an average price of Rs 155.71 per share, 20 per cent premium to the issue price of Rs 130, aggregating to Rs 26.09 crore.

Plutus Wealth Management bought 15 lakh shares (or 0.56% stake) at an average price of Rs 155.50 per share, up 20 per cent from the issue price of Rs 130 totalling to Rs 23.33 crore. Laxmi Organic was listed on Thursday at Rs 156.20, a premium of 20.15 per cent to the issue price of Rs 130. The public issue was subscribed 106.79 times. The issue opened for bidding on 15 March 2021 and closed on 17 March 2021. The price band for the IPO was set at Rs 129-130 per share.

On a consolidated basis, the company reported a net profit of Rs 45.48 crore and revenue of Rs 813.41 crore in the six months ended on 30 September 2020. Laxmi Organic Industries is a speciality chemical manufacturer, focused on two key business segments: acetyl intermediates and speciality intermediates.