British American Tobacco’s (BAT) subsidiary, Tobacco Manufacturers India, concluded a significant stake sale in ITC Limited by offloading 43.68 crore shares, equivalent to a 3.50 percent equity stake, at a price of Rs 400.25 per share. This transaction, totaling Rs 8,742.48 crore, marked BAT’s strategic move to divest its holdings in ITC.
BAT executed a substantial block deal on March 13, successfully offloading a staggering Rs 16,775 crore worth of shares in ITC Limited, amounting to approximately $2 billion. The proceeds from this sale are earmarked for BAT’s ambitious share buyback program set to conclude by December 2025.
The government of Singapore bolstered its portfolio by securing a 0.73 percent stake in ITC Limited through the acquisition of 9.15 crore shares at an average price of Rs 400.25 per share. Simultaneously, ICICI Prudential Mutual Fund strengthened its position in ITC by purchasing 59.26 lakh shares, constituting a 0.04 percent stake, at the same price point.
Market sentiment responded positively to these developments, with shares of ITC Limited witnessing a robust surge of 4.49 percent on the BSE, closing at Rs 422.40 on March 13, showcasing investor confidence in the company’s strategic shifts and investment opportunities.
In parallel news, Quantum Growth Partners LLP made notable investments in Markolines Pavement Technologies, acquiring 1.06 lakh shares representing a 0.55 percent stake, at an average price of Rs 139.79 per share. This move followed Quantum’s earlier purchase of 96,000 shares in the company on March 11, underscoring their continued interest and confidence in Markolines’ growth trajectory.
Prakash Pai Peraje, an astute investor, made noteworthy moves in the stock market, demonstrating both buying and selling activities in Markolines Pavement Technologies. Peraje strategically divested a 0.50 percent stake in the company by selling 96,000 shares at a per-share price of Rs 140. Interestingly, his actions on March 11 involved a calculated acquisition, as he procured 1.16 lakh shares in the same company.
The repercussions of Peraje’s transactions were felt in the market, particularly in the valuation of Markolines Pavement Technologies, which experienced a notable decline of 6.5 percent. This downturn was reflected in the share price, which closed at Rs 131 on the Bombay Stock Exchange (BSE).
Meanwhile, in the domain of APL Apollo Tubes, there were significant movements driven by key players. New World Fund Inc, a prominent entity, took a bullish stance by acquiring a substantial 27.89 lakh shares, equivalent to a one percent stake, at an average price of Rs 1601.1. In a parallel move, Foreign Portfolio Investor, Principal Global Investors Collective Investment Trust, decided to offload a portion of its holdings, selling 15.31 lakh shares representing a 0.55 percent stake, at an average price of Rs 1,600.16. Notably, Principal Global had maintained a notable 1.04 percent stake in the company until December 2023.
These significant transactions resulted in a downward trend for APL Apollo Tubes, with its stock witnessing a considerable decline of 6.66 percent, concluding the trading session at Rs 1,486.5 on the National Stock Exchange (NSE).
In the realm of Indian Terrain Fashions, Polaris Banyan Holding demonstrated its confidence in the company’s growth trajectory by increasing its stake. The entity acquired an additional 2.96 lakh shares, representing a 0.66 percent stake, at an average price of Rs 78.94. This move came on the heels of Polaris’ earlier acquisition of 3.05 lakh shares in the company on March 12.
However, despite this display of confidence, Indian Terrain Fashions experienced a notable decline in its share price, plunging by 9.13 percent to close at Rs 70.15 on the NSE.
Turning to Ruchi Infrastructure, significant transactions took place, indicating a change in the ownership structure. Shantiram Kutumbkam Food Services, a notable player, acquired 15.52 lakh shares, representing a 0.70 percent stake, at an average price of Rs 10.5. Concurrently, Promoter Patanjali Foods chose to divest 15 lakh shares, equivalent to a 0.68 percent stake, at a per-share price of Rs 10.5.
As a result of these strategic maneuvers, Ruchi Infrastructure witnessed a surge of 4.98 percent in its stock price, closing at Rs 11.6 on the NSE.
Lastly, Goldman Sachs (Singapore) PTE made an impactful entry into the market by acquiring a significant 55 lakh shares in South Indian Bank RE at a price of Rs 2.9 per share.