Big Jump in Geojit Financial Services Stock
On Monday, December 15, the stock price of Geojit Financial Services jumped 8.5% during the day. This happened after news came out about a large block deal worth ₹290 crore. The company is part of the portfolio of Rekha Jhunjhunwala, the wife of the late market expert Rakesh Jhunjhunwala.
Details of the Block Deal
According to reports, 4.25 crore shares of the company were traded in multiple transactions. This is about 15.25% of the company's total shares. The shares were traded at an average price of ₹68 each. However, this information has not been verified independently.
Impact on Stock Price
The stock opened the day at ₹67.66, which is slightly lower than its previous closing price of ₹70.01. But it soon bounced back and reached a high of ₹76, which is an increase of 8.5%. The total number of shares traded on the BSE was 16.57 lakh, which is much higher than the average of 0.10 lakh shares traded over the last two weeks.
Rekha Jhunjhunwala's Stake
Rekha Jhunjhunwala holds a significant 7.20% stake in Geojit Financial Services, which is about 2,00,99,400 shares. This makes her a major investor in the company.
Technical Outlook
Anshul Jain, Head of Research at Lakshmishree, says that the stock is trying to break out of a falling pattern. This could mean a change in the trend after a long period of correction. He also notes that the big jump in trading volume, nearly 10 times the average, shows that new investors are getting interested in the stock.
Jain thinks that if the stock price stays above ₹74.5, it could lead to a further increase in price. The next target could be the ₹84-85 range. However, if the price falls below ₹70, it could invalidate the positive trend.
Stock Performance
Geojit Financial Services' stock has not done well in the short term, falling 38% in the last year and 41% in the last year. However, over a longer period, the stock has performed well, rising 68% in three years, 45% in five years, and 125% in ten years.
As of 10:25 am, the stock price was trading at ₹73.60, up 5.13% from the previous close.
Please note that this information is for educational purposes only and should not be considered as investment advice. It's always a good idea to consult with certified experts before making any investment decisions.
Key Points:
- Geojit Financial Services stock jumped 8.5% after a block deal worth ₹290 crore.
- The company is part of Rekha Jhunjhunwala's portfolio, with a 7.20% stake.
- The stock has a positive long-term trend but has fallen in the short term.
- Technical analysts see a potential breakout and trend reversal.