21 Jun 2023 , 01:26 PM
Thyrocare Technologies experienced a nearly 5% increase in its share price during early trade on June 21, following positive sentiment generated by ICICI Prudential Mutual Fund’s investment in the company.
Over the course of two sessions, the stock has gained approximately 12%, with a significant 7% increase observed on June 20 after a large deal. Foreign institutional investor Arisaig Asia Consumer Fund, which previously held a 6.11% stake in Thyrocare, offloaded 26.72 lakh equity shares (5.05% stake) at an average price of Rs 488.18 per share, generating Rs 130.47 crore from the transaction.
Consequently, Arisaig Asia’s stake in the company decreased to 1.06%. As per data, The sold stake was primarily acquired by domestic institutional investor ICICI Prudential Mutual Fund, which purchased 22.53 lakh equity shares (4.25% stake) at an average price of Rs 488 per share, worth Rs 109.95 crore. Prior to this deal, ICICI Prudential did not hold any stake in Thyrocare.
At the time of writing, Thyrocare Technologies shares were trading at Rs 531.10 on the National Stock Exchange, indicating a 4.09% increase.
The stock saw strong trading volumes, with 13 lakh shares changing hands, surpassing the one-month average of three lakh shares.
Diagnostic companies, including Thyrocare, have been grappling with margin challenges due to pricing pressure from new market entrants, capital expenditure requirements for expanding market share, and a high base from COVID-related sales.
Thyrocare’s operating margin dipped below the 20% mark to 18.24% in January-March, while its net profit for Q4 witnessed a 36% year-on-year decline, primarily influenced by a higher COVID base.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.