Shares of Geojit Financial Services, part of the portfolio of Rekha Jhunjhunwala — wife of late market veteran Rakesh Jhunjhunwala — rallied 8.5% in intraday deals on Monday, December 15, following reports of a large block deal on the counter.
Several media reports indicated that 4.25 crore shares or 15.25% equity of the company changed hands in multiple transactions worth ₹ ₹290 crore. According to CNBC TV-18, shares changed hands at an average price of ₹68 per share. Mint could not independently verify this report.
The data is released post-market trading hours and will shed light on the likely buyers and sellers involved in the likely block deal today.
The total traded quantity in today's trade jumped to 16.57 lakh shares on the BSE so far, as against its two-week average quantity of 0.10 lakh shares, suggesting heightened activity.
Geojit Financial Services is part of Rekha Jhunjhunwala's stock portfolio, with the investor holding a substantial 7.20% stake (2,00,99,400 shares) in the counter as of the September quarter shareholding pattern.
Geojit Financial Services share price trend
The small-cap stock opened the day slightly lower at ₹67.66 as against its last closing price of ₹70.01. However, the stock soon bounced back and hit the day's high of ₹76, translating into an upside of 8.5%.
According to BSE data, Geojit Financial Services' share price has fared poorly in the near term, with the stock shedding 38% on a year-to-date basis and 41% in a year.
However, the stock returns have been positive on a longer time frame, with the scrip rallying 68% in three years, 45% in five years and 125% in 10 years.
Commenting on the technical outlook for the stock, Anshul Jain, Head of Research at Lakshmishree, said that Geojit Financial is attempting a decisive breakout from a falling channel on the daily chart, signalling a potential trend reversal after prolonged corrective action.
"Today’s volume spike—nearly 10 times the 50-day average—marks a sharp shift in participation, indicating fresh institutional interest. Price structure has tightened near the upper channel boundary, improving the risk–reward profile for a momentum expansion. A sustained move above 74.5 would confirm the breakout and open room for a directional push toward the 84–85 zone, where the next supply pocket sits," he noted.
Until then, 70 remains the key near-term support, with failure below it invalidating the bullish setup. "Follow-through is now the key trigger."
As of 10.25 am, Geojit Financial Services' share price was trading at ₹73.60, up 5.13%.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
