Foreign portfolio investor Smallcap World Fund Inc has made significant moves in the Indian stock market with the acquisition of shares in Aavas Financiers and the divestment of its stake in Dreamfolks Services.
Aavas Financiers: Smallcap World Fund Inc purchased 4.54 lakh shares, equivalent to a 0.57 percent stake, in Aavas Financiers through open market transactions on September 6. The acquisition, valued at over Rs 75 crore, was made at an average price of Rs 1,654 per share. This investment comes as Aavas Financiers’ stock was trading at Rs 1,632 on the NSE.
Dreamfolks Services: In contrast, Smallcap World Fund Inc divested its interest in Dreamfolks Services by selling 13.06 lakh shares, constituting a 2.46 percent stake. These shares were sold at an average price of Rs 507.55 crore, resulting in a total transaction value of Rs 66.3 crore. As of June 2023, the fund held a 5.08 percent stake in Dreamfolks Services, which saw its stock rise by 2.4 percent to Rs 513.95 on the NSE.
Shriram Finance: Small Cap World Fund Inc and New World Fund Inc collectively offloaded shares in Shriram Finance, amounting to Rs 884.43 crore. Small Cap World Fund Inc sold 20.26 lakh shares at an average price of Rs 1,880.28 per share, totaling Rs 380.96 crore. Simultaneously, New World Fund Inc divested 26.77 lakh shares at the same average price per share, amounting to Rs 503.47 crore. Together, they sold a 1.25 percent stake in Shriram Finance. As of June 2023, New World Fund Inc held a 1.95 percent stake in the company. Shriram Finance’s stock experienced a 1 percent correction, trading at Rs 18,92.6.
Solara Active Pharma Sciences: Spiracca Ventures LLP acquired an additional 7.36 lakh shares, equivalent to a 2.04 percent stake, in Solara Active Pharma Sciences at an average price of Rs 367.46 per share. As of June 2023, Spiracca Ventures LLP held 1.69 percent of Solara’s shares. However, in this block deal, the promoter Karuna Business Solutions LLP acted as the seller, relinquishing its 2.34 percent personal shareholding in the company as of June 2023. Solara Active Pharma Sciences’ stock remained flat at Rs 366.10.
Globus Spirits: The shares of Globus Spirits experienced a marginal decline of half a percent to Rs 912.60. Motilal Oswal Mutual Fund A/C Motilal Oswal Midcap 30 Fund divested 2 lakh shares, representing a 0.69 percent shareholding, in the distilleries company at an average price of Rs 918.25 per share. As of June 2023, Motilal Oswal Midcap Fund held a 4.34 percent stake in the company, while Motilal Oswal Equity Opportunities Fund and Motilal Oswal India Excellence Fund held 2.19 percent as of June 2023.
NRB Bearings: Amid high trading volumes, NRB Bearings’ shares declined by 1.2 percent to Rs 269.75. Acacia Conservation Fund and Acacia Institutional Partners LP collectively offloaded a 2 percent stake in the company. Acacia Conservation Fund LP sold 12.63 lakh shares, equivalent to a 1.3 percent stake, at an average price of Rs 271.29 per share, while Acacia Institutional Partners LP divested 7 lakh shares, constituting a 0.72 percent stake, at an average price of Rs 270.19 per share. As of June 2023, they held 2.13 percent and 1.98 percent of NRB Bearings’ shares, respectively.
JM Financial: JM Financial observed strong buying interest, leading to a 5.5 percent rise in its stock price, closing at Rs 93.9. Quant Mutual Fund acquired a 0.99 percent equity stake, equivalent to 94.59 lakh shares, in the financial services company at an average price of Rs 91 per share, amounting to Rs 86.07 crore. In contrast, Valiant Mauritius Partners Offshore sold 76.47 lakh shares, representing a 0.8 percent shareholding, in JM Financial at an average price of Rs 91.02 per share, totaling Rs 69.6 crore. Valiant Mauritius Partners held a 1.28 percent stake in JM as of June 2023.
PG Electroplast: PG Electroplast’s shares faced a third consecutive day of correction, declining by 1.5 percent to Rs 1,792.9 on the NSE. Baring Private Equity India AIF divested 1.95 lakh shares, equivalent to a 0.75 percent stake, in the electronics manufacturing services company. These shares were sold at an average price of Rs 1,775.2 per share, resulting in a total transaction value of Rs 34.7 crore.
