RPG Life Sciences Hits Fresh 52-Week High, Jumps 67% in 3 Months

Shares in pharmaceutical company RPG Life Sciences surged as much as 8 per cent to hit a fresh 52-week high of Rs 159.80 on Friday.

RPG Life Sciences shares have rallied nearly 67 per cent in last three months as its promoter Harsh Vardhan Goenka has been buying its shares from the open market to increase his stake in the company.

Harsh Vardhan Goenka, chairman and non-executive director of the company has been increasing his stake in the company through open market purchase of shares. He has increased his stake in the company to 2.55 per cent as of March 18, 2015 from 1.3 per cent on January 15, 2015.

Higher promoter stake in a company is viewed positively by the investor community as it shows the management's confidence in the business.

Shares in RPG Life Sciences ended 5.3 per cent higher at Rs 155.90 apiece, outperforming the broader Nifty, which closed flat at 8,341.40.