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Business News/ Markets / Stock Markets/ Shares of Sona BLW Precision shares slip nearly 5% amid block deal buzz

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Shares of Sona BLW Precision shares slip nearly 5% amid block deal buzz

1 min read 31 May 2023, 02:43 PM IST Join us

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Promoter Aureus Investment was likely to sell a 3.25 per cent stake in Sona BLW Precision Forgings via a block deal.

An equity advisor watches share prices at a financial consultants' firm in Mumbai, India, Monday, April 2, 2007. Indian shares fell sharply in early trade Monday, spooked by fresh moves from the country's central bank to tighten monetary policy and increase lending rates that could likely slow economic growth.The 30-share Sensex of the Bombay Stock Exchange plunged 394 points, 3 percent, to 12,678 points in early trading. On the broader National Stock Exchange, the 50-company S&P Nifty index fell 3.2 percent to 3,700 points. (AP Photo/Gautam Singh)

The shares of Sona BLW Precision Forgings fell nearly 5 per cent in Wednesday's trade amid reports of a large block deal executed on the counter.

Sona BLW Precision shares were trading 4.82 per cent down at ₹507.35 on BSE while it touched an intraday low of ₹503.95.

According to media reports, promoter Aureus Investment was likely to sell a 3.25 per cent stake in Sona BLW Precision Forgings via a block deal.

As per the shareholding data available with the exchanges, a 33 per cent stake in the firm is held by the promoter and promoter group, while the rest lies with the public.

Top mutual funds, including Mirae Asset, Axis MF, SBI MF, Sundaram MF, Canara Robeco MF, Aditya Birla Sun Life Trustee, and HDFC MF own about 27.03 per cent of the company, while foreign investors have about 24.17 per cent stake.

Sona BLW Precision Forgings reported a revenue of ₹744 crore with 35% YoY growth, while the revenue share from Battery Electric Vehicles (BEV) stood at 28%, a growth of 37% YoY. EBITDA stood at ₹201 crore with a margin of 27.1% and 49% YoY growth.

Meanwhile, PAT stood at ₹120 crore with a net profit margin of 16.1% and 54% YoY growth. The EV programs contributed 77% to the net order book of ₹21,500 crore as of 31 March,2023.

Recently, Morgan Stanley Capital International (MSCI) added the stock to its India Standard Index.

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