Individual investors Paresh Mohanlal Parekh and Vijay Mohanlal Parekh sold 93.4 lakh shares of Jyoti CNC Automation at an average price of ₹1,123.80 each. The deal was valued at ₹1,050 Crore and performed through numerous block deals on the NSE.
Morgan Stanley Asia Singapore purchased about 17.3 lakh shares for ₹195 Crore. The remaining shares were mostly purchased by domestic fund companies such as AXIS Mutual Fund and Edelweiss Mutual Fund, among others.
Axis Mutual Fund purchased shares for ₹250 Crore through various schemes, while Edelweiss MF acquired shares worth ₹50 Crore through its Edelweiss Balance Advantage Fund.
According to shareholder data for June 2024, Paresh and Vijay Parekh both owned 7.52% of the company. Aside from Jyoti CNC Automation, they also have investments in Sun Pharma Advanced Research.
At the end of the June quarter, Paresh owned 1.12% of Sun Pharma Advanced Research, while his brother Vijay owned 1.13% of the company.
On January 9, 2024, Jyoti CNC Automation launched its initial public offering (IPO) at a price of ₹331.
Jyoti CNC Automation achieved a net profit of ₹15.06 Crore in FY23, following three straight years of losses.
In FY24, the company declared a net profit of ₹151 Crore, a tenfold increase from the previous year. Revenue for the year rose by 45% to ₹1,338 Crore.
The Gujarat-based metal-cutting computer numerical control (CNC) equipment manufacturer serves many aerospace, defence, and medical organisations.
At around 2.52 PM, Jyoti CNC Automation was trading 0.89% higher at ₹1,134 per piece, against the previous close of ₹1,124 on NSE. The counter touched an intraday high and low of ₹1,142.50, and ₹1,124.40, respectively.
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