Shares of this small-cap stock associated with the finance sector slipped up to 2 percent in Thursday’s trading session after a Foreign Institutional Investor (FII) offloaded a stake in the company on April 3rd, 2024. In the last five trading sessions, the company’s stock gained close to 12 percent for its holders.
With a market capitalization of Rs 6,917.94 crores, the stocks of Edelweiss Financial Services Limited started their trading session on Thursday at Rs 74.87 and currently trades at Rs 73.30. The company’s scrip witnessed an intra-day low of Rs 72.06 indicating a dip of approximately 2 percent compared to the previous close of Rs 73.40 apiece.
Such bearish stock price movements were observed after a Foreign Institutional Investor (FII) offloaded a stake in the finance company on April 3rd, 2024.
As per the Bulk Deal data available with the National Stock Exchange (NSE), “The Pabrai Investment Fund IV LP”, owned by Mr. Mohnish Pabrai, one of the well-known ace investors, sold around 2.72 crore equity shares at an average trading price of Rs 69.15 per share.
On the other end, “CLSA Global Markets Pte Limited” bought nearly the same number of equity shares at an average trading price of Rs 69.16 per share.
According to the latest shareholding data available for the December 2023 quarter, the Pabrai Investment Fund IV LP held around 3.02 crore equity shares of the company equivalent to a 3.20 percent stake.
During the recent financial quarters, the company’s basic business parameters, viz, its operating revenues as well as bottom-line figures, reported a jump in numbers with the former increasing from Rs 2,156 crores during Q2FY24 to Rs 2,398 crores during Q3FY24, and the latter, keeping the timeframe the same, rose from Rs 95 crores to Rs 152 crores.
Founded in 1995, Edelweiss Financial Services is an investment banking firm offering various services including mergers & acquisitions, private equity, equity capital, debt capital transactions, etc. The firm caters to clients across various sectors comprising retail, media, software, industrials, insurance, and others.
Written by Amit Madnani
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