Motilal Oswal MF buys stake in Spectrum Electrical; Fidelity offloads 2.69% stake in CAMS

Shares of Spectrum Electrical Industries and Computer Age Management Services (CAMS) were in focus after a series of bulk transactions took place on September 10, involving Motilal Oswal Mutual Fund, Fidelity, Goldman Sachs and Societe Generale.

Motilal Oswal MF buys Spectrum Electrical shares

Motilal Oswal Mutual Fund acquired a 0.73% stake in electrical components manufacturer Spectrum Electrical Industries through an open-market transaction.

According to bulk-deal data available on the stock exchanges, the mutual fund bought 1.15 lakh shares from Ajay Bhikamchand Jain for Rs 30.48 crore. The transaction was executed at Rs 2,651 per share.

Spectrum Electrical Industries shares continued their strong run on Thursday, hitting the 5% upper circuit for the sixth straight trading session. The stock closed at a fresh record high of Rs 2,878.60 on the NSE.

The latest rally has pushed the stock to a new peak as investors continue to track heightened buying activity in the counter.

Fidelity sell 2.69% stake in CAMS

In another significant bulk transaction, Fidelity offloaded a 2.69% stake in Computer Age Management Services (CAMS), India's largest registrar and transfer agent for mutual funds.

Bulk-deal data showed that Fidelity Rutland Square Trust II Strategic Advisers FIDEMG Markets Fund and FMRC Fidelity Emerging Markets Fund collectively sold 66.97 lakh CAMS shares for Rs 456.64 crore. The shares were sold at Rs 681.80 apiece.

On the buying side, Societe Generale ODI acquired 37.11 lakh shares, equivalent to a 1.49% stake, for Rs 253.05 crore. Goldman Sachs Investments Mauritius I bought another 35.96 lakh shares, representing a 1.45% stake, for Rs 245.16 crore.

Together, Societe Generale and Goldman Sachs acquired a 2.94% stake in CAMS at an average price of Rs 681.75 per share, broadly matching Fidelity's exit price.

Bharat Battery trust buys stake in Vedavaag Systems

The employee provident fund trust of Bharat Battery Manufacturing Company also picked up a stake in Vedavaag Systems through an open-market transaction.

The Bharat Battery Manufacturing Company Private Limited Provident Fund Institution purchased 2.61 lakh shares, representing a 1.11% stake in the IT sales and services company, for Rs 57.82 lakh.

The shares were acquired at Rs 22.10 apiece.

Vedavaag Systems shares ended at Rs 22.21 on the NSE on Thursday after hitting the 20% upper circuit. The stock also touched a fresh record high, extending its recent gains following a period of consolidation after its market debut.