Happiest Mind rises after BNP Paribas buys stake

Happiest Mind Technologies gained 1.82% to Rs 384 after BNP Paribas Arbitrage purchased 0.63% stake in the firm via bulk deal on Friday, 15 January 2021.

As per the bulk deal data on the NSE, BNP Paribas Arbitrage purchased 9,25,250 shares, or 0.63% equity, of Happiest Minds Technologies on Friday, 15 January 2021, at an average price of Rs 368.55 each.

Shares of Happiest Mind have surged 12% in three trading sessions from its previous closing low of Rs 342.60 on 13 January 2021. The counter hit a record high of Rs 395.90 in intraday today. From its 52-week low of Rs 285.55 hit on 5 November 2020, the stock has jumped 34.4%.

Bengaluru-based Happiest Mind Technologies is an IT services provider. It leverages a spectrum of technologies such as: Big Data Analytics, AI & Cognitive Computing, Internet of Things, Cloud, Security, SDN-NFV, Blockchain, Automation including RPA, etc.

Shares of Happiest Minds Technologies were listed on the stock exchanges on 17 September 2020. The stock was listed at Rs 351, a premium of 111.44% to the initial public offer (IPO) price of Rs 166 a share. The company's IPO was subscribed 150.98 times. The issue opened for bidding on 7 September 2020 and closed on 9 September 2020. The issue price was set at the top end of the Rs 165-166 per share IPO price band.

The IT firm's net profit slipped 32.08% to Rs 34.08 crore on 3.28% increase in net sales to Rs 182.84 crore in Q2 September 2020 over Q1 June 2020.

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