Vakrangee rebounds from 52-week low, up 5% after block deals

The stock moved higher by 5% to 163, bouncing back 10% from its 52-week low of Rs 147 hit in early morning trade on the BSE

Vakrangee has moved higher by 5% to 163, bouncing back 10% from its 52-week low of Rs 147 hit in early morning trade on the BSE, after a huge block deal executed on the counter on Monday.

At 09:32 am; around 6.01 million equity shares of Vakrangee changed hands through block deal on the BSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately.

At 10:20 am; the stock was trading 4.5% higher at Rs 162 on back of two-fold jumped in trading volumes. On comparison, the S&P BSE Sensex was down 0.87% at 33,752 points. A combined 32.98 million equity shares representing 3% of total equity of Vakrangee changed hands on the BSE and NSE so far.

Today, the stock opened 5% lower for the 10th straight trading sessions. It fell 40% from Rs 245 on February 16, against 0.5% decline in the benchmark index till Thursday.

Since January 25, it tanked 71% from level of Rs 505 after the Vakrangee had purchased two million shares of PC Jeweller for a little over Rs 1.12 billion through an open market transaction. The Sensex was fell 5.2% during the same period.

On February 19, 2018, New World Fund Inc (10.6 million equity shares) and Smallcap World Fund Inc (5.3 million shares) had collectively sold 15.9 million shares of Vakrangee for total consideration of Rs 4,033 million. The foreign portfolio investors sold these shares at price of Rs 253.27 per share on the NSE, the bulk deal data shows.

Martin Currie Global Emerging Markets Fund had bought 7.13 million shares at price of Rs 257.30 per share, data shows. The names of the other buyers were not disclosed by the company.