SmallCap World Fund buys shares of this Ashish Kacholia portfolio IT stock
1 min read 27 Sep 2022, 02:29 PM ISTMastek shares were down nearly a per cent on the BSE in Tuesday's afternoon deals
PremiumSmall Cap World Fund bought shares worth over ₹96 crore of software company Mastek Ltd on Monday through an open market transaction. As per the bulk deal data available on the BSE, SmallCap World Fund Inc purchased 5,49,676 shares of the company, amounting to a 1.82% stake in the firm, at an average price of ₹1,759.97 apiece, taking the transaction value to ₹96.7 crore. Mastek shares were down nearly a per cent at ₹1,715 apiece on the BSE in Tuesday's afternoon deals.
In a separate transaction, Hornbill Orchid India Fund sold 4,29,086 shares of Mastek and Elevation Capital V FII offloaded shares of KDDL Ltd for over ₹30 crore through the open market transaction. Elevation Capital V FII Holdings Ltd sold 3,60,000 shares, amounting to a 2.82 per cent stake in the company, as per data available with the National Stock Exchange (NSE). Capital One Partners and Axis Securities Ltd picked up 2,00,000 and 1,10,000 shares of the company, respectively.
Mastek is an enterprise digital & cloud transformation specialist for customers across 40 countries, including the UK, Europe, US, Middle East, Asia Pacific and India. The company's service offering includes, application development, Oracle suite & cloud migration, digital commerce, application support & maintenance, BI & analytics, assurance & testing and agile consulting. The IT stock is down about 42% in 2022 (YTD) so far.
The IT company reported an over 4% decline in its consolidated net profit to ₹84 whereas its revenue from operations fell about 2% to ₹570 crore in the first quarter ending June 2022 (Q1 FY23) over Q4 FY22 (quarter-on-quarter or QoQ). On a year on year (YoY) basis, Mastek's net profit rose 5.2% and revenue from operations grew 10.4%.
As per the recent shareholding pattern on the BSE, Indian ace investor and stock market trader Ashish Kacholia holds 1.83% equity stake or 5,50,000 shares in Mastek as of June 2022 end. Kacholia has a varied portfolio that includes hospitality, education, infra, manufacturing and chemical stocks and is known for his ability to pick quality stocks in the midcaps and smallcaps segment.
