Shares of Likhitha Infrastructure Ltd surged over 16 percent on Friday on the back of the company's corporate action of stock split in the ratio 1:2 today. The stock was trading ex-split as the company has set December 2 as the record date for stock subdivision.
At 12:50 PM, the stock was trading 14.39 percent higher at ₹265.85 per share on the BSE.
The small cap stock surpassed Thursday's high and hit a new 52-week high of ₹274 in today's trading session. Over the last two trading sessions, the stock has gained over 25 percent, after eminent investor Ashish Kacholia bought 2 percent stake in the company via open market.
According to the exchange data, the ace investor on Wednesday purchased 397,000 equity shares, which represent 2.01 percent stake in the company, at a price of ₹386 per share via block deal for ₹15.3 crore.
Analysts recommend buying the stock if there's any dip towards ₹240 per share.
“The stock has seen strong traction in this week, and overall it is up more than 20% this week. The overall trend is positive as it has crossed its previous swing high of September 2021, traders can use dips to go long where 240 would be support,” said Rajesh Bhosale-equity technical and derivative analyst, Angel One.
The civil construction company's stock price has outperformed its sector by 33.68 percent in the past year. Over one month's period, the stock has risen 30.3 percent, and over six months, it has gained 82.28 percent.
The stock has gained 116.14 percent from the 52-week low of ₹118.3.