Shares of VIP Industries rallied over 10 percent in the early trade Monday after ace investor Rakesh Jhunjhunwala increased his stake in the company to 5.31 percent in the March quarter from 5.11 percent in Q3FY20.

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The stock jumped 10.46 percent to hit an intraday high of Rs 234.80 apiece on the BSE. Year-to-date, VIP Industries' stock has fallen over 46 percent.

As per data available on the BSE, Rakesh Jhunjhunwala has raised his stake by 2.85 lakh shares in VIP Industries during the January-March, 2020 period. Jhunjhunwala held 75,00,400 shares of the company in Q4FY20 as compared to 72,15,400 shares held at the end of Q3FY20.

Meanwhile, Mutual Funds have also upped their stake in the company to 10.4 percent from 9.13 percent, QoQ.

At 11:15 am, shares of VIP Industries rallied 8.80 percent to Rs 231.25 on the BSE.

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