Morgan Stanley, Goldman Sachs, this smallcap fund buy Nuvama shares worth Rs 1,235 crore via block deals

While Morgan Stanley purchased 3.42 lakh shares at a total cost of Rs 229 crore, Goldman Sachs picked up 3.24 lakh shares and the cost of acquisition stood at Rs 218 crore. Meanwhile, Smallcap World Fund Inc bought 11.75 lakh shares worth Rs 788 crore.

The buying price per share was Rs 6,702.60 for each of them.

Morgan’s stake purchase was through Morgan Stanley Asia Singapore Pte while Goldman bought Nuvama shares via Goldman Sachs Funds – Goldman Sachs India Equity Portfolio.

The sellers in the block deal are Edel Finance Company Limited and Ecap Equities Limited. While the former sold 5lakh shares worth Rs 335 crore, the latter off-loaded over 1,7.09 lakh shares for Rs 1,146 crore.

As of the quarter ended June 2024, Ecap Equities held an 8.44% stake in the company while Edel Finance Company held 5.18% stake. Additionally, 55.68% equity stake of Nuvama Wealth lies in the hands of the promoter and the promoter group, the remaining 44.32% rests in the hands of the public shareholders.Nuvama shares on Friday surged 4.3% to its day’s high of Rs 7,057.05 on the BSE as Edel Finance Company and Ecap Equities likely sold a 6.2% equity stake in the company via a block deal.According to the BSE analytics, the shares have gained 45% and 39.5% in the last 6 and 3 months respectively.

From a technical point of view, the stock is well placed above all its significant short, medium and long term exponential moving averages (10, 20, 50, 100 as well as 200 DEMA).

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