Promoters of the Taj GVK Hotels joint venture have sold almost 4% of their holdings, shaking up the stock.
Details of the promoter sell‑off
Two trusts – Starlight Trust and Moonshot Trust – each sold 1.25 million shares at around ₹420 per share. Together they raised roughly ₹105 crore, cutting their stake to just under 4%.
Fund buying activity
Two Nippon India Equity Opportunities funds stepped in as buyers. Scheme 9 bought 708,000 shares for ₹29.73 crore and Scheme 7 purchased 812,000 shares for ₹34.14 crore, also at ₹420 per share.
Other notable market moves
- Ramkrishna Forgings: Morgan Stanley Asia Singapore bought 1.875 million shares at ₹506.7, while Societe Generale sold 1.475 million shares at ₹506.75.
- Shankara Building Products: Dhunseri Ventures sold 122,000 shares (about 0.5% of the company) for ₹1.2 crore at ₹101.71 each.
Impact on stock prices
The Taj GVK Hotels share price slipped 0.75% to ₹429.35 after hitting its highest level since September. Ramkrishna Forgings closed 1.04% lower at ₹507.55. Shankara Building Products fell 7.11% to ₹101.1, hitting an all‑time low after months of heavy selling.
Bottom line for investors
Large‑scale promoter selling often signals a desire to cash out, but the entry of institutional buyers can provide support. Keep an eye on how the share price reacts in the coming weeks.
Remember, this is just my view, not a prediction. Do your own research before making any decisions.