Institutional investors who invest in assets that are located in a different nation than their home country are known as foreign institutional investors, or FIIs for short.
A block deal is a single transaction between two parties, often institutional players, with a minimum number of 5 lakh shares or a minimum value of Rs. 5 crore.
Here are the two stocks that were reported to have witnessed FII selling on May 21st through block deals.
CG Power and Industrial Solutions Limited
With a market capitalisation of Rs. 98,688.64 crore, the share price of CG Power slumped by 3.4 percent on BSE to hit an intraday low at Rs. 640.3 in the trading session of Tuesday, compared to its previous closing price of Rs. 662.8.
A Foreign Institutional Investor (FII) shareholder was reported to have sold 65 lakh shares of the company in a block deal on May 21st for an approximate amount equal to Rs. 425 crore.
In terms of financials, CG Power reported a 15.2 percent YoY growth in revenue from operations from Rs. 1,902.8 crore in Q4 FY22-23 to Rs. 2,191.72 crore in Q4 FY23-24. However, during the same period, net profit fell by 45.2 percent from Rs. 426.22 crore to Rs. 233.81 crore.
Established in 1937, CG Power and Industrial Solutions Limited is engaged in the business of providing products, services, and solutions to utilities, industries, and consumers for the management and application of sustainable electrical energy. It has two main business segments: Power Systems segment and Industrial Systems segment.
Indus Towers Limited
With a market capitalisation of Rs. 91,601 crore, the share price of Indus Towers slumped by 1.52 percent on BSE to hit an intraday low at Rs. 339.5 in the trading session of Tuesday, compared to its previous closing price of Rs. 344.75.
A Foreign Institutional Investor (FII) shareholder was reported to have sold 80 lakh shares of the company in a block deal on May 21st for an approximate amount equal to Rs. 270 crore.
In terms of financials, Indus Towers reported a 6.5 percent YoY growth in revenue from operations from Rs. 6,753 crore in Q4 FY22-23 to Rs. 7,193.2 crore in Q4 FY23-24. During the same period, net profit increased by 32.4 percent from Rs. 1,399.1 crore to Rs. 1,853.1 crore.
Indus Towers Ltd. is a telecommunications tower infrastructure service provider, and it deploys, owns, and manages telecom towers and communication structures for mobile operators.
The company was formed by the merger of Bharti Infratel Limited and Indus Towers, and is one of the largest telecom tower companies in the world.
Written by Shivani Singh
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