Rescue Mission

Cox & Kings' promoters finally put a stop to the stock’s free fall by increasing their stake in multiple tranches in October

Cox & Kings’ stock has been on a steady climb this month, rising by 42% from a low of Rs.141 on October 1 to an intraday high of Rs.213.5 on October 16 even as the Sensex and Nifty continued their slide. The rise, however, is not due to any new-found investor confidence but its promoters who have stepped in, increasing their stake. Between October 1 and 15, promoters Peter Kerkar-led entity Sneh Sadan Traders and Agents and Elisabetha Kerkar-led entity Liz Traders and Agents bought 638,444 shares worth around Rs.116 million in 11 tranches.