With foreign portfolio investors raising their stakeholdings in Rain Industries, shares of the company rose as much as 5 percent on Tuesday.

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Pabrai Investment Funds bought 2.05 percent stake in the company through open market transactions. With this, Pabrai Investment Funds' stake in Rain Industries rose to 8 percent from 5.95 percent earlier.

As of September end, Pabrai Investment Fund II and Pabrai Investment Fund 3 owned 4.4 and 1.3 percent stake in the company, respectively.

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Overall, FPIs owned over 12 percent stake in Rain Industries while Mutual Funds held 0.2 percent stake as of September end.

An increase in stake by FPIs hinted at the underlying buying interest in the stock. It also reflected investor confidence in the company's business prospects.

Rain Industries operates in three key business verticals: carbon, chemicals and cement. The company produces calcined petroleum coke, coal tar pitch and other high-quality basic and specialty chemicals.

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The company has manufacturing facilities in eight countries across three continents.

At 10:22 am, shares of the company were up 3.7 percent at Rs 218.6 on BSE.

The stock opened with a gain of nearly 3 percent today. Year-To-Date, the stock has gained 72 percent as compared to the Nifty500 index that is up merely 28 percent during the same period.

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First Published:Dec 7, 2021 11:13 AM IST