Multibagger stock: This smallcap soars 33% in 3 days as Ramesh Damani, 2 others buy shares

Shares of Prime Focus Ltd surged 10 per cent in Tuesday’s trade, hitting the upper circuit limits for the third consecutive session. 

The stock is up 33 per cent for the three-day period and has been hogging limelight after veteran investors such as Ramesh Damani, Madhusudan Kela and Utpal Sheth bought a total of 3.3 per cent stake in the company recently via block deals on September 5. 

On Tuesday, the stock jumped 9.99 per cent to hit the day’s high of Rs 191.25 apiece on the BSE, over its previous close of Rs 173.90. At 10:42 am, Prime Focus shares were up 9.69 per cent at Rs 190.75, while the company’s market capitalisation stood at Rs 5,912 crore. The stock is currently trading around 124 per cent above its 52-week low of Rs 85, having gained 74 per cent over the past six months.

Earlier on Monday, three Singapore-based entities offloaded a combined 3.9 per cent stake in the media and services firm. These Singapore-based entities sold a combined 1.20 crore equity shares in Prime Focus, accounting for a 3.87 per cent stake, according to BSE data. Augusta Investments I Pte Ltd offloaded 62.24 lakh shares, Marina IV (Singapore) Pte sold 48.31 lakh shares, and Marina Horizon (Singapore) Pte Ltd divested 57.75 lakh shares. The deal was valued at approximately Rs 187.86 crore, with each share transacted at an average price of Rs 156.55.

These shares were purchased by Craft Emerging Market Fund PCC, Citadel Capital Fund and Craft Emerging Market Fund PCC, Elite Capital Fund, each acquiring them at the same price of Rs 156.55.

Among technical indicators, the stock is trading above its 5-, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). 

Prime Focus also informed the stock exchanges that its 28th Annual General Meeting (AGM) would be held on Tuesday, September 30, at 12:30 pm. The meeting will be conducted through video conferencing.

Prime Focus Limited, an India-based company, operates in the post-production sector, offering digital intermediate services along with a range of technical and creative solutions to the media and entertainment industry