Here's why VST Industries shares went up 20% on Tuesday
VST Industries shares on Tuesday, January 2nd surged by the maximum limit of 20% to reach Rs 4060.10 after a 4% block deal occurred in afternoon trading. The company boasts a market capitalization of Rs 6269.57 crore and has yielded returns of approximately 14% over the last six months.
VST Industries shares on Tuesday, January 2, hit its upper circuit limit of 20% to reach ₹4,060.10 after a block deal wherein 4% equity changed hands occurred in the afternoon trading.
Noteworthy entities in the shareholding pattern include Derive Trading, holding 4.76%, and Bright Star Investments, with a substantial 25.95% stake. These entities are significant as they represent investment vehicles linked to ace investor Radhakishan Damani.
Radhakishan Damani and SBI Mutual Fund were the two large block deal buyers, picking 222,935 and 225,000 shares, respectively, for Rs 3,390, as per the exchange data.
HDFC Mutual Fund (MF) and DSP MF were the two major entities that offloaded their shares in VST Industries.
VST Industries, known for manufacturing and selling cigarettes under brands like Charms and Charminar, has been experiencing a decline in market share compared to ITC in recent quarters.
As of now, ITC is trading at approximately 26 times the earnings forecast for FY25, while VST Industries is trading at around 15 times.
With its headquarters in Hyderabad, VST Industries boasts a market capitalization of ₹6,269.57 crore and has yielded returns of approximately 14% over the last six months.
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(Edited by : Ajay Vaishnav)
First Published: Jan 2, 2024 6:41 PM IST
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