Electronics Mart shares surges second straight day after Nippon India MF bought additional stake by Nippon India MF

The shares of Electronics Mart India saw a rise for the second consecutive day on Tuesday 18 October after being listed on the stock exchanges. The rally came after news that Nippon India Mutual Fund had bought an additional 0.6 per cent stake in the company through an open market transaction.

After this news, shares of Electronics Mart India hit an upper circuit of 10 percent on NSE today and its price reached Rs 92.95. At the time of writing this news, over 2.05 crore shares of the company were traded.

Electronics Mart India’s IPO got listed on the stock exchanges a day earlier on Monday 17 October. The company’s shares closed at Rs 84.50 with a huge jump of 43 per cent on the very first day. The rally in the company’s shares came in line with the estimates of analysts, who had expected a strong listing of the IPO given the strong investor response, strong financial health of the company and growth prospects of the industry.

According to information related to the bulk deal on the exchanges, Nippon India Mutual Fund has today bought 24 lakh shares or 0.6 stake in the company. These shares have been bought at an average price of Rs 89.42 per share.

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Earlier on October 3, a day before the opening of Electronics Mart’s IPO, Nippon India MF had bought 33.89 lakh shares of the company as an anchor investor. Nippon India MF had bought these shares in two of its schemes – Nippon India Flexi Cap Fund and Nippon India Consumption Fund. These shares were bought at the issue price of Rs 59 for the IPO.

Combining all these shares, Nippon India now holds 1.5 per cent stake in the company. Apart from this, on Monday, BNP Paribas Orbitrage also bought 33.21 lakh shares of Electronics Mart through the open market at an average price of Rs 88.58.

As per the shareholding pattern of Electronics Mart, the total holding of mutual funds in the company has now increased to 4.45 per cent. Foreign investors hold 2.48 per cent stake in the company, while retail investors hold 10.34 per cent.

Disclaimer: The information provided here is being given for informational purposes only. It is important to mention here that investing in the market is subject to market risks. Always consult an expert before investing money as an investor. It is never advised to invest money here on behalf of Moneycontrol.

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