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Business Standard zooms 43% in two days on FPI buying

On Monday, March 11, Nalanda India Equity Fund bought 2.11 million equity shares, representing 9.3 per cent stake in for Rs 108 crore.

SI Reporter  |  Mumbai
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Shares of moved higher by 20 per cent to Rs 640, surging 43 per cent in past two trading days on the National Stock Exchange (NSE) on buying by foreign portfolio investor (FPIs).

On Monday, March 11, bought 2.11 million equity shares, representing 9.3 per cent stake in for Rs 108 crore. The acquired shares at price of Rs 509.87 per share through open market via bulk deals on the NSE.

had sold its entire 2.01 million shares or 8.9 per cent stake in the company through bulk deals, the exchange data shows.

With the past two days rally, the stock of the company has zoomed 69 per cent thus far in the month of March. In comparison, Nifty50 index was up 4 per cent in past seven trading days.

Shares of the leading online matrimony company hit an all-time low of Rs 365 on February 18 this year after it reported a disappointing set of numbers for the quarter ended December 2018 (Q3FY19). It corrected 64 per cent from its record high level of Rs 1,025, touched on September 21, 2017.

The company posted a 33 per cent year-on-year (YoY) drop in its net profit at Rs 6.8 crore in Q3FY19, due to higher marketing costs. Revenue grew 2 per cent at Rs 85 crore on YoY basis.

While announcing Q3 results, Murugavel Janakiraman, chairman and managing director said, "With an on-going increase in marketing spends and better traction in marriage services, we see an enhanced growth momentum as we enter the next financial year. We are also undertaking many productivity improvements and product enhancements by leveraging emerging technologies to further drive customer centricity."

First Published: Tue, March 12 2019. 14:17 IST