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Happiest Minds Falls Over 8% After 8.3% Shares Change Hands – What Should Your Strategy Be Now?  – Market news

Happiest Minds Falls Over 8% After 8.3% Shares Change Hands – What Should Your Strategy Be Now? – Market news

Happiest Minds Falls Over 8% After 8.3% Shares Change Hands – What Should Your Strategy Be Now?  – Market news

Shares of Happiest Minds Technologies fell more than 8% to a low in mid-day trading on Tuesday as 1.27 million shares, or 8.3% stake worth Rs 1,076 crore, changed hands hands in a large transaction at an average price of 847 lei per share. . The share price fell 8.69% to touch an intraday low of Rs 837.55 on the NSE.

On Monday, June 24, CNBC-TV18 reported that the IT company’s promoter and executive chairman Ashok Soota has initiated a block deal to sell a 6% stake in the company, taking the total volume of the offer to 754 millions of lei.

According to media reports, the floor price for the sale was set at Rs 826 per share, representing a 10% discount from the last closing price. Kotak Securities is the sole broker for the deal. Sources added that there is a six-month lock-in period for the residual stake held by Soota.

At the end of the March quarter, the promoter and group of promoters held a 50.24% stake in the company, according to Bombay Stock Exchange (BSE) data.).

Happiest Mind Q4FY24 performance

Additionally, Happiest Minds Technologies reported a 24.83% rise in consolidated net profit for the March quarter at Rs 71.98 crore compared to Rs 57.66 crore in the same period last year.

Income from operations for the quarter stood at Rs 417.29 crore, up 10.4% from Rs 377.98 crore in Q4FY23. Annual profits rose 7.53% to Rs 248.39 crore compared to Rs 230.99 crore in the previous fiscal.

Stock performance over the past year

In terms of stock performance, Happiest Minds Technologies faced a mixed bag of results. In the past month, the stock tried to secure positive returns at 5.65%, showing a modest upward movement. In contrast, the past six months have been challenging, with the stock posting negative returns of 6.69%, indicating a period of decline.

Year-to-date numbers continued in negative territory, down 6.16%. However, over the past twelve months, the stock has continued to fall by more than 10%, disappointing long-term investors.

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