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Axis Mutual Fund sells stake in V-Guard Industries, share gains over 3%

BusinessToday.In     August 21, 2020

Share price of V-Guard Industries jumped over 3% intraday in Friday's early session even as Axis Mutual Fund sold more than 94.96 lakh shares worth over Rs 152 crore of the company, via open market transactions.

Axis Mutual Fund sold company shares at an average price of Rs 160.25 per share on the National Stock Exchange (NSE), as per the bulk deals data.

Following the update, shares of V-Guard Industries opened at Rs 174.40 and later climbed 3.37% to the intraday high of Rs 175 on BSE against the earlier close of Rs 169.30.

The stock price of  V-Guard Industries has jumped 8.26% in the last one week. V-Guard Industries shares 5, 20, 50 and 100 day but lower than 200-day moving averages. Market capitalisation of the firm stood at Rs 7,412 crore as of today's closing session.

V-Guard Industries stock price closed Thursday's trade at Rs 170.50, up 6.40% against the previous closing price on the BSE.

As per block deal data available on the NSE, company's shares or little over 2.22% stake were offloaded at an average price of Rs 160.25 apiece.

As per the exchange data, SBI Mutual Fund bought the shares sold by Axis. The mutual fund manager had held a 4% equity stake in the company as per the shareholding pattern as of June 2020.In Q1 FY21, V-Guard Industries's net profit fell almost 92.9% to Rs 3.77 crore as net sales declined 42.3% to Rs 408 crore YoY.

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