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

On Wednesday, Nalanda India Equity Fund bought 4.32 million equity shares, representing 7.02 per cent stake, in the company though block deals

TCNS Clothing 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, TCNS Clothing 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.