Happiest Minds crashes nearly 10% after 8.3% equity changes hands via block deal

Happiest Minds Technologies shares plunged 9.5% in morning deals after a block deal worth 1,076 crore. Reports suggested the company's promoter was likely to sell a 6% stake.

Pranati Deva
First Published25 Jun 2024, 09:47 AM IST
Happiest Minds Technologies shares plunged 9.5% in morning deals.
Happiest Minds Technologies shares plunged 9.5% in morning deals.

Shares of Happiest Minds Technologies crashed 9.5 percent in morning deals on Tuesday following a massive block deal worth 1,076 crore. Approximately 1.27 crore shares or 8.3 percent equity of the company changed hands at an average price of 847 per share in early deals today.

Though the buyers and sellers of this block deal couldn't be immediately identified, media reports earlier suggested that Happiest Minds' promoter and executive chairman, Ashok Soota, was likely to offload a 6 percent stake in the company through a block deal.

According to the reports, the total offer size for this deal was around 754 crore, with a floor price set at approximately 826 per share, reflecting a 10 percent discount to the previous closing price. Kotak Securities has been appointed as the sole broker for the transaction.

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The stock shed as much as 9.5 percent to its day's low of 830.20. It is now over 18 percent away from its 52-week high hit on July 17, 2023. Meanwhile, it has advanced 12.5 percent from its 52-week low of 738.05, hit on March 28, 2024.

The scrip has declined by 4 percent over the last year and over 7 percent year-to-date in 2024. However, it has surged more than 16 percent in June so far, following a 3 percent fall in May. In April, the stock gained over 9 percent. Earlier in the year, the stock faced negative performance, dropping 12 percent in March, 3 percent in February, and 2 percent in January.

The promoter, Ashok Soota, will not be able to sell any additional shares for the next six months due to a lock-up period imposed on his remaining stake. This restriction ensures that Soota cannot offload more shares during this period, providing some stability to the stock and giving investors confidence that there will not be further immediate selling pressure from the promoter.

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Happiest Minds Technologies reported a 24.83 percent increase in consolidated net profit, reaching 71.98 crore for the quarter ending March 2024, compared to 57.66 crore in the same period the previous year, according to a regulatory filing.

The company's revenue from operations for the quarter stood at 417.29 crore, up 10.4 percent from 377.98 crore in Q4FY23. For the entire fiscal year, the company's profits rose by 7.53 percent to 248.39 crore, compared to 230.99 crore in the previous year.

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News in Numbers

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1.4%

₹773 Cr

₹2,705 Cr

₹1 Cr

₹14,370 Cr

₹5.74 T

First Published:25 Jun 2024, 09:47 AM IST
HomeMarketsStock MarketsHappiest Minds crashes nearly 10% after 8.3% equity changes hands via block deal

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