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    Advanced Enzyme surges over 15% as Nalanda India Equity Fund picks 29 lakh shares

    Synopsis

    According to NSE data, on September 19, Nalanda India Equity Fund purchased 29.1 lakh equity shares of Advanced Enzyme Technologies for Rs 78.62 crore. The foreign portfolio investor purchased shares at Rs 270.03 each.

    Advanced Enzyme surges over 15% as Nalanda India Equity Fund picks 29 lakh sharesiStock
    Shares of Advanced Enzyme Technologies rallied as much as 15.5 per cent after Nalanda India Equity Fund bought 29,11,630 shares in the company.

    According to NSE data, on September 19, Nalanda India Equity Fund purchased 29.1 lakh equity shares of Advanced Enzyme Technologies for Rs 78.62 crore. The foreign portfolio investor purchased shares at Rs 270.03 each.

    Brokerage firm Prabhudas Lilladher initiated a buy coverage on the stock with a target price of Rs 350, a potential upside of nearly 17 per cent from the current market price of Rs 299.

    “The stock has corrected from the level of Rs 503 to consolidate at around Rs 250 levels and with the positive candle pattern formed, the stock looks potentially poised for an upside bounce. The RSI indicator is positive, we recommend a buy in this stock for an upside target of Rs 380 keeping a stop loss of Rs 280," said the brokerage firm Prabhudas Lilladher.

    At 1.51 pm, the stock was trading 12.03 per cent higher at Rs 299 over the last day’s closing price of Rs 266.90. The stock has fallen around 23 per cent in the last year, while it has risen nearly 87 per cent in the last three years.

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)




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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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