Banking and finance

Sunil Singhania, Mukul Agrawal make a killing on Paras Defence, sit on 246% gains

NEW DELHI: Dalal Road veteran Sunil Singhania and Mukul Agrawal have been among the many famend worth traders, who picked important stakes within the newly-listed Paras Defence and Area Applied sciences in the course of the IPO, the corporate’s shareholding information for the September quarter confirmed.

Assuming they haven’t exited the inventory, which acquired listed on October 1, each are sitting on practically 250 per cent positive aspects. On Thursday, the inventory traded at Rs 606.10, up 5 per cent. The counter has hit the higher circuit restrict on daily basis since itemizing.

The shareholding information confirmed Mukul Agrawal held 9,04,286 shares within the firm, or 2.32 per cent. Sunil Singhania, by way of Abakkus Rising Alternatives Fund-1, held 9,80,091 shares, or 2.51 per cent. At its present share worth, Agarwal’s stake is valued at practically Rs 55 crore whereas Singhania’s holding is value Rs 59 crore.

Amongst different main particular person shareholders who held greater than 1 per cent within the firm are Jaya Chandrakant Gogri, Amit Mahajan and Shilpa Mahajan. Retail traders held 11.10 per cent and HNIs 12.54 per cent.

Nippon India Small Cap Fund and HDFC Targeted 30 Fund have been among the many two mutual fund firms that picked stakes in the course of the IPO. They collectively held 2.82 per cent. International portfolio traders held 4.36 per cent within the firm, with Ashoka India Fairness Funding Belief holding essentially the most at 2.60 per cent.

Most analysts had a ‘subscribe’ score on the IPO. Although, analysts are but to start out their protection of the inventory, some analysts specific their bullishness on the prospect of the corporate.

“We like Paras given its advanced/vast product portfolio, presence in area of interest protection/house, sturdy consumer relationship and excessive entry boundaries. Given the massive impetus on the protection by the federal government, the inventory presents a great alternative for traders to take part on this area of interest house,” Hemang Jani, Head of Fairness Technique, Broking & Distribution, Motilal Oswal Monetary Providers, mentioned final week.

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