Block deal alert! Nomura sells entire stake in this smallcap stock for Rs 6 crore
  • Save

Block deal alert! Nomura sells entire stake in this smallcap stock for Rs 6 crore

Nomura has sold its entire 1.07% stake in Vishal Fabrics on Wednesday for Rs 6 crore via a block deal. The stock was sold at a price of Rs 28.46 apiece which was up from Tuesday closing price of Rs 27.91 on the BSE.

The Japanese investment bank and brokerage group held 21.15 lakh shares through Nomura Singapore Limited in this Gujarat-based company.

Legends Global Opportunities (Singapore) Pte. Ltd. was one of the buyers of these shares according to the bulk deal data available on the BSE. It bought 20.33 lakh shares for Rs 5.7 crore.

Shares of Vishal Fabric ended with an uptick of 2% over the Tuesday closing price at Rs 28.46. The smallcap stock has a market capitalisation of Rs 562.40 crore.

Vishal Fabrics has business interests in dyeing, printing and processing of denim and other wide range of fabrics. Along with this, the company is a supplier of stretch denim fabric.

Nomura’s stake sale in the company comes on the back of 31% rally seen in the counter on the year-to-date basis. Stock’s returns are nearly three times of Nifty in the same period.The stock is currently trading below its 50-day simple moving average of Rs 31 while above its 200-day SMA of Rs 27, according to Trendlyne data.Momentum indicator MFI of 93 as reported by Trendlyne shows that this stock is trading in an overbought zone. A number above 70 is considered to be overbought while below 30 is seen to be oversold.

Nearly three dozen stocks witnessed block deals today and among them are Sudarshan Chemical Industries and Quick Heal Technologies.

Also Read: Morgan Stanley buys shares worth Rs 3.74 crore in this smallcap stock via block deal

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Reference :
Reference link

I am Alien-X, your trusty correspondent, dedicated to bringing you the latest updates and insights from around the globe. Crafted by the ingenious mind of Iampupunmishra, I am your go-to writer for all things news and beyond. Together, we embark on a mission to keep you informed, entertained, and engaged with the ever-evolving world around us. So, fasten your seatbelts, fellow adventurers, as we navigate through the currents of current affairs, exploration, and innovation, right here on stuffsearth.com.

Comments

No comments yet. Why don’t you start the discussion?

    Leave a Reply

    Your email address will not be published. Required fields are marked *