Panama Petrochem hit a record high of Rs 322.30 after rallying 12 per cent on the BSE in Thursday’s intra-day trade in an otherwise weak market. This came on the back of heavy volumes.

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In the past two trading days, the stock of the refineries/petro products company has surged 25 per cent, after investor Ramesh Damani bought over a 1 per cent stake in the company during the October-December quarter (Q3).

As of Q3, Ramesh Damani held 616,379 equity shares representing a 1.26 per cent stake in Panama Petrochem, according to the shareholding pattern filed by the company on Wednesday. Damani had nil or below 1 per cent stake at the end of the September quarter (Q2).