Senco Gold share price rises after promoter increases stake

Senco Gold's share price reached its upper limit on Tuesday due to strong buying interest. The stock was locked at ₹ 249.30 per share on the Bombay Stock Exchange. This increase comes after the company's promoters decided to raise their stake amid rising gold prices. Jai Hanuman Shri Siddhivinayak Trust, which is the promoter of Senco Gold, bought 161,000 shares from the open market. This purchase gives them a total stake of 41.26% in the company. Before this acquisition, the trust held 41.16% of the shares. Despite this upward trend, Senco Gold's share price has struggled in recent months. The stock has fallen 27% in the last month and more than 55% since the start of the year. Over the past six months, it has dropped 60%. The Trust's recent purchase is seen as a positive signal during a time when gold prices are reaching all-time highs. As of December 2024, the promoter's total shareholding in Senco Gold was 64.11%, compared to 35.89% held by the public.