homemarket Newsstocks NewsBlock deals worth nearly Rs 11,000 crore take place in a single day Here are the details
Block deals worth nearly Rs 11,000 crore take place in a single day - Here are the details
Promoter selling this year has been the highest it has ever been, crossing the previous high of Rs 51,371 crore in 2020.
Indian equities have remained resilient this year so far despite unprecedented selling from promoters, Private Equity and Strategic Investors. All three have combined to sell shares worth over Rs 80,000 crore so far this year.
In fact, deals worth $1.3 billion or Rs 10,700 crore have already taken place in Thursday's trading session itself.
Here are some more details on today's block deals:
Promoter selling this year has been the highest it has ever been, crossing the previous high of Rs 51,371 crore in 2020.
Among recent block deals include the one that took place in SJS Enterprises on Wednesday, where a Private Equity Investor sold a 30 percent stake worth Rs 540 crore.
Adani Power also saw traction when the promoter entity sold 8 percent stake in the company to Rajiv Jain's GQG Partners for Rs 9,000 crore.
Interglobe Aviation's promoter also sold another 4 percent stake in the company recently for Rs 2,800 crore.
Investment banking sources that CNBC-TV18 spoke to said that this trend is likely to pick up further in the near-term.
Interestingly, barring Manappuram Finance, all other stocks that saw large deals taking place in today's session, are trading with gains. In fact, even Manappuram shares are off the day's low.
(Edited by : Hormaz Fatakia)
First Published: Aug 24, 2023 12:08 PM IST
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