Shares of Happiest Minds Technologies dropped over 8% to an intra-day low during early trade on Tuesday as 1.27 crore shares, or 8.3% equity, worth Rs 1,076 crore, changed hands in a large trade at an average price of Rs 847 per share. The share price fell 8.69%, hitting an intra-day low of Rs 837.55 on the NSE.
On Monday, June 24, CNBC-TV18 reported that the IT firm’s promoter and executive chairman, Ashok Soota, had initiated a block deal to sell a 6% stake in the company, with the total offer size amounting to Rs 754 crore.
According to media reports, the floor price for the sale was set at Rs 826 per share, representing a 10% discount to the last closing price. Kotak Securities is the sole broker for the transaction. Sources added that there is a six-month lock-up period on the residual stake held by Soota.
As of the end of the March quarter, the promoter and promoter group held a 50.24% stake in the company, according to data from the Bombay Stock Exchange (BSE).
Happiest Mind Q4FY24 performance
Additionally, Happiest Minds Technologies reported a 24.83% increase in consolidated net profit for the March quarter, reaching Rs 71.98 crore compared to Rs 57.66 crore in the same period the previous year.
Revenue from operations for the quarter stood at Rs 417.29 crore, up 10.4% from Rs 377.98 crore in Q4FY23. Annual profits rose by 7.53% to Rs 248.39 crore, compared to the previous fiscal’s Rs 230.99 crore.
Stock performance in last one year
In terms of stock performance, Happiest Minds Technologies faced a mixed bag of results. In the last month, the stock tried to secure positive returns at 5.65%, showcasing a modest upward movement. Contrastingly, the past six months were challenging, with the stock experiencing negative returns of 6.69%, indicating a period of decline.
Year-to-date figures continued in negative territory, depicting a decline of 6.16%. However, over the last twelve months, the stock continued to fall over 10%, disappointing the long term investors.
(Disclaimer: Views, recommendations, and opinions expressed are personal and do not reflect the official position or policy of Financial Express.com. Readers are advised to consult qualified financial advisors before making any investment decisions. Reproducing this content without permission is prohibited.)