Street Signs: Jhunjhunwala stocks in focus, block deals pick up, and more

Jhunjhunwala stocks in focus

Shares of companies owned by Rakesh Jhunjhunwala will be in the limelight on Tuesday, following the ace investor’s demise on Sunday. Titan, Star Health Insurance, and Metro Brands are stocks with the highest exposure in terms of market value. Also, Jhunjhunwala had stakes in close to three dozen listed companies. “Even if a correction happens, it will be sentimental. The other reason for a correction is they may be sold by the family. But that may happen later. Even in the companies he chaired, he was not actively involved for a year or so,” said Ambareesh Baliga, an independent market expert. 

Block deals pick up on market revival

Promoters, private equity players, and other large shareholders are rejoicing the sharp rebound in the secondary market. This, they say, has once again opened the block trade window. Over the past two weeks, several large block transactions have been executed on the stock exchange platform in companies such as Zomato, AU Small Finance Bank, Shriram City Union Finance, and Macrotech Developers. Investment bankers say additional transactions are lined up over the next few weeks. The Nifty has recovered over 15 per cent from its June lows and is now less than 5 per cent shy of a new lifetime high.

Syrma SGS’ grey market premium lukewarm

Shares of Syrma SGS Technology are changing hands in the grey market at a premium of just 4-5 per cent, say people in the know. The grey market premium has come off from 10 per cent levels, they add. Syrma’s initial public offering (IPO), which opened on Friday, was subscribed 37 per cent on Day One. The company has raised Rs 252 crore from anchor investors. As Syrma SGS’ IPO is the first in nearly three months, market players are keenly studying investor response to read any signs of revival in the primary market.

Contributed by Sundar Sethuraman & Samie Modak