TCNS Clothing surges 26% in 2 days after Nalanda Fund buys 7% stake

shares, on Thursday, rallied 15 per cent to Rs 510 in intra-day trade on the National Stock Exchange (NSE), surging 26 per cent in two days, after Nalanda Fund acquired 7 per cent stake in the company, via open market, for Rs 178 crore.

On Wednesday, February 18, Nalanda India Equity Fund bought 4.32 million equity shares, representing 7.02 per cent stake in TCNS Clothing, though block deals, the exchange data shows. The foreign portfolio investors acquired shares at an average price of Rs 412.31 per share.

Fidelity Investment Trust Fidelity International Discovery Fund (1.74 million shares) and Fidelity Investment Trust: Fidelity Emerging Asia Fund (0.45 million shares) have collectively offloaded 2.19 million shares, or 3.56 per cent stake, at a price of Rs 402 per share, data shows. The names of the other sellers were not ascertained immediately.

At 09:58 am, was trading 12 per cent higher at Rs 497 on the NSE, as compared to 0.1 per cent rise in the Nifty50 index. A combined around 900,000 equity shares had changed hands on the counter on the NSE and BSE till the writing of this report.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link