Technocraft Inds spurts after Abakkus Fund buys stake

Technocraft Industries (India) jumped 7.38% to Rs 347.80 after Sunil Singhania-owned Abakkus Emerging Opportunities Fund bought 5.74 crore shares of the company via bulk deal on Monday.

Dec 08, 2020 11:12 IST capital market

According NSE bulk deals data, Abakkus Emerging Opportunities Fund - 1 bought 5,74,842 shares (equivalent to 2.35% equity) of Technocraft Industries at an average price of Rs 311 apiece.

Simultaneously, DSP Emerging Stars Fund sold 6,81,455 shares (2.79% equity) of the company at an average price of Rs 311.03 per share. DSP Emerging Stars Fund held 7,18,516 shares (2.94% stake) of Technocraft as on 30 September 2020.

Well-known fund manager Sunil Singhania, quit Reliance Mutual Fund in 2018, to set up Abakkus Asset Manager.

Tecnocraft Industries (India) is an an Indian multinational company with interest across closures, scaffolding systems, formworks, textiles & engineering services.

The companys consolidated net profit declined 38.1% to Rs 21.46 crore on a 7.7% fall in net sales to Rs 299.80 crore in Q2 FY21 over Q2 FY20.

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