Jhunjhunwala stock in focus today on block deal worth Rs 1,312 crore
Shares of Star Health ended flat at Rs 611.55 on BSE in the previous session. They had closed at Rs 611.25 on Friday.
- Aug 29, 2023,
- Updated Aug 29, 2023 8:34 AM IST
Shares of Star Health and Allied Insurance Company Ltd are on focus today after three entities — ROC Capital, Madison Capital and University of Notre Dame —sold shares of the firm for Rs 1,312 crore through open market transactions on Monday. Shares of Star Health ended flat at Rs 611.55 on BSE in the previous session. They had closed at Rs 611.25 on Friday. The stock has risen 4.32% this year and lost 17.32% in a year. The market cap of Star Health fell to Rs 35,591 crore on BSE. Total 229.14 lakh shares changed hands amounting to a turnover of Rs 1398.73 crore on BSE.
In terms of technicals, the relative strength index (RSI) of the stock stands at 42.2, signaling it's trading neither in the overbought zone nor in the oversold zone. Star Health stock has a one-year beta of 0.3, indicating very low volatility during the period. Star Health shares are trading lower than the 5 day, 20 day, 50 day but higher than the 100 day, 150 day and 200 day moving averages.
The stock forms part of late investor Rakesh Jhunjhunwala's portfolio. Jhunjhunwala was a promoter of Star Health. He (14.24 per cent) and his wife Rekha Jhunjhunwala (3.07 per cent) held 17.31 per cent stake in the firm as of the June quarter, shareholding pattern data on BSE show.
Investment management firm ROC Capital through its affiliate ROC Star Investment Trust and Madison Capital through its fund MIO IV STAR sold the shares of the company in a block deal on Monday. University of Notre Dame DU LAC, ROC Capital and Madison Capital offloaded a total of 2,15,10,200 shares of Star Health and Allied Insurance in four tranches.
The shares were sold at an average price of Rs 610.2 apiece, valuing the transaction at Rs 1,312.55 crore. ICICI Prudential Life Insurance Co. and funds affiliated with Fidelity Investments were the buyers in the transaction. Together, both the companies picked up 3.7% stake in health insurance company.
Star Health and Allied Insurance Company is among the largest private health insurers in India with market share of 15.8% in fiscal 2021. The company focuses on the retail health and group health segments which accounted for 89.3% and 10.7% of the company's total gross Gross Written Premium (GWP) in fiscal 2021, respectively.
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Shares of Star Health and Allied Insurance Company Ltd are on focus today after three entities — ROC Capital, Madison Capital and University of Notre Dame —sold shares of the firm for Rs 1,312 crore through open market transactions on Monday. Shares of Star Health ended flat at Rs 611.55 on BSE in the previous session. They had closed at Rs 611.25 on Friday. The stock has risen 4.32% this year and lost 17.32% in a year. The market cap of Star Health fell to Rs 35,591 crore on BSE. Total 229.14 lakh shares changed hands amounting to a turnover of Rs 1398.73 crore on BSE.
In terms of technicals, the relative strength index (RSI) of the stock stands at 42.2, signaling it's trading neither in the overbought zone nor in the oversold zone. Star Health stock has a one-year beta of 0.3, indicating very low volatility during the period. Star Health shares are trading lower than the 5 day, 20 day, 50 day but higher than the 100 day, 150 day and 200 day moving averages.
The stock forms part of late investor Rakesh Jhunjhunwala's portfolio. Jhunjhunwala was a promoter of Star Health. He (14.24 per cent) and his wife Rekha Jhunjhunwala (3.07 per cent) held 17.31 per cent stake in the firm as of the June quarter, shareholding pattern data on BSE show.
Investment management firm ROC Capital through its affiliate ROC Star Investment Trust and Madison Capital through its fund MIO IV STAR sold the shares of the company in a block deal on Monday. University of Notre Dame DU LAC, ROC Capital and Madison Capital offloaded a total of 2,15,10,200 shares of Star Health and Allied Insurance in four tranches.
The shares were sold at an average price of Rs 610.2 apiece, valuing the transaction at Rs 1,312.55 crore. ICICI Prudential Life Insurance Co. and funds affiliated with Fidelity Investments were the buyers in the transaction. Together, both the companies picked up 3.7% stake in health insurance company.
Star Health and Allied Insurance Company is among the largest private health insurers in India with market share of 15.8% in fiscal 2021. The company focuses on the retail health and group health segments which accounted for 89.3% and 10.7% of the company's total gross Gross Written Premium (GWP) in fiscal 2021, respectively.
Also read: APL Apollo Tubes shares in focus on report promoters may sell 0.85% stake via blocks deals today
Also read: Reliance Industries, IRCTC, Granules: Trading strategies for these 3 stocks