After Anil Goel, Ramesh Damani also buys this smallcap

NEW DELHI: Ace investor Ramesh Damani entered Panama Petrochem with a 1.26 per cent stake purchase in the December quarter, data on BSE suggests.

Following the development, Panama Petrochem surged 16 per cent to hit a high of Rs 299 on the BSE.

Data showed Damani held 6,16,379 shares in the company as of December 31. He was not among key shareholders in the company as of September 30.

Anil Kumar Goel, holding this stock at least since December 2015, owned 1.6 per cent or 7,60,000 shares in the company as of December 31. His stake in the company remained unchanged in the third quarter.

Panama Petrochem is a manufacturer and exporter of petroleum speciality products. It has four manufacturing units in India, namely in Ankleshwar (Gujarat), Daman (Union Territory), Dahej (Gujarat, SEZ) and Taloja (District Raigadh) having infrastructure, with storing capacities.

The company caters to the GCC and MENA regions and enjoys a logistic advantage as it is situated on the port and has direct dedicated pipeline arrangements. Petroleum jelly, liquid paraffin, transformer oil, rubber process oil and a variety of other products are exported to different countries like the USA, UK, Europe, Middle East, Australia, African Subcontinent and Southeast Asia etc.