SITC reports insider transaction worth RS 5.6 million

In a notification sent to the PSX on 15/05/2024, Sitara Chemical Industries Limited (SITC) reported a transaction by its associate company.

The transaction was carried out by M/s. Sitara Developers Pvt Ltd.

They bought a total of 20,000 shares of the company at a price of Rs. 280.0 per share. The total amount for this transaction stands at Rs. 5600000.

An insider buying stock in a company is often interpreted as a positive signal by investors. It suggests that those with intimate knowledge of the company’s operations and prospects believe the stock is undervalued or poised for growth, leading to a positive impact on the stock price.

SITC shares were last trading at Rs. 296.87 today