Ace investor Rakesh Jhunjhunwala has picked up more than 6 lakh shares of tractor maker Escorts Ltd for an estimated Rs 5.5 crore.
As per information available with the stock exchanges, Mr Jhunjhunwala bought 6,21,789 shares of Escorts through an open market transaction.
The shares were purchased on an average price of Rs 88.23 valuing the transaction at Rs 5.48 crore, data showed.
Escorts has reported an over three-fold surge in its net profit at Rs 58.3 crore for the quarter ended June, 2013.
Net sales of the company rose to Rs 1,172,89 crore in the quarter ended June 30, 2013 compared to Rs 1,009.09 crore for the same period of previous year.
Shares in Escorts, on Wednesday, ended 20 per cent higher at Rs 88.65 apiece on the BSE.