Two stocks under the ‘large-cap’ category fell up to 3 percent after Warburg Pincus, a US-based Private Equity (PE) Firm, has likely sold its stake in the companies via Block Deals.
The stocks of Bharti Airtel Limited closed in the red on Thursday at Rs 1,000, slipping around 2.50 percent as compared to the previous close of Rs 1,023.95 apiece. Such a dip in the company’s stock price was observed after various market reports started coverage of Warburg Pincus likely selling a stake in the company.
According to the Block Deal data available, around 1.80 crore equity shares of Bharti Airtel Limited, equating to 0.80 percent stake, exchanged hands at a floor price of Rs 1,005 per share totaling Rs 1,856 crores.
During the recent financial quarters, the telecom company has reported opposing movements as far as the operating revenues and net profits are concerned.
The former, on one end, fell marginally from Rs 37,440 crores during Q1FY23-24 to Rs 37,043.8 crores during Q2FY23-24, and, the latter, on the other end, rose from Rs 930.3 crores to Rs 1,507.2 crores.
In addition to the above, the stocks of IDFC First Bank Limited fell around 3 percent on Thursday closing at Rs 87.69 apiece.
The bearish behavior in this stock too is observed after news reports said Cloverdell Investment, an affiliate company of Warburg Pincus, is also likely to sell a 1.30 percent stake in the Private-sector Bank through a block deal at Rs 85.7 per equity share worth USD 100 million.
As per the recent shareholding data for the September 2023 quarter, Cloverdell Investment owns around 19.30 crore shares equating to a 2.74 percent stake in the company.
Coming onto the financials of the company, it reported an increase in total income as well as after-tax profits with the former shifting from Rs 8,232.47 crores during Q1FY23-24 to Rs 8,765.81 crores during Q2FY23-24, and, the latter, rising from Rs 731.51 crores to Rs 746.85 crores.
Written by Amit Madnani
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