Shares of Happiest Minds Technologies crashed 9.5 percent in morning deals on Tuesday following a massive block deal worth ₹1,076 crore.
Approximately 1.27 crore shares or 8.3 percent equity of the company changed hands at an average price of ₹847 per share in early deals today.
Though the buyers and sellers of this block deal couldn't be immediately identified, media reports earlier suggested that Happiest Minds' promoter and executive chairman, Ashok Soota, was likely to offload a 6 percent stake in the company through a block deal.
The company's revenue from operations for the quarter stood at ₹417.29 crore, up 10.4 percent from ₹377.98 crore in Q4FY23.
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Shares of Happiest Minds Technologies crashed 9.5 percent in morning deals on Tuesday following a massive block deal worth ₹1,076 crore. Approximately 1.27 crore shares or 8.3 percent equity of the company changed hands at an average price of ₹847 per share in early deals today.
Though the buyers and sellers of this block deal couldn't be immediately identified, media reports earlier suggested that Happiest Minds' promoter and executive chairman, Ashok Soota, was likely to offload a 6 percent stake in the company through a block deal.
According to the reports, the total offer size for this deal was around ₹754 crore, with a floor price set at approximately ₹826 per share, reflecting a 10 percent discount to the previous closing price. Kotak Securities has been appointed as the sole broker for the transaction.
The stock shed as much as 9.5 percent to its day's low of ₹830.20. It is now over 18 percent away from its 52-week high hit on July 17, 2023. Meanwhile, it has advanced 12.5 percent from its 52-week low of ₹738.05, hit on March 28, 2024.
The scrip has declined by 4 percent over the last year and over 7 percent year-to-date in 2024. However, it has surged more than 16 percent in June so far, following a 3 percent fall in May. In April, the stock gained over 9 percent. Earlier in the year, the stock faced negative performance, dropping 12 percent in March, 3 percent in February, and 2 percent in January.
The promoter, Ashok Soota, will not be able to sell any additional shares for the next six months due to a lock-up period imposed on his remaining stake. This restriction ensures that Soota cannot offload more shares during this period, providing some stability to the stock and giving investors confidence that there will not be further immediate selling pressure from the promoter.
Happiest Minds Technologies reported a 24.83 percent increase in consolidated net profit, reaching ₹71.98 crore for the quarter ending March 2024, compared to ₹57.66 crore in the same period the previous year, according to a regulatory filing.
The company's revenue from operations for the quarter stood at ₹417.29 crore, up 10.4 percent from ₹377.98 crore in Q4FY23. For the entire fiscal year, the company's profits rose by 7.53 percent to ₹248.39 crore, compared to ₹230.99 crore in the previous year.
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