 "JSW Holdings surges 10% on bulk deal of 59k shares worth Rs 6,253 cr")
The share price of JSW Holdings, the investment arm of JSW Group saw a sharp jump of 10.2 per cent at Rs 6,876 in Friday’s intraday trade. This came after the company sold its shares through a bulk deal on Thursday.
JSW Holdings engaged in the business of investing and financing sold 59,210 shares worth Rs 6,253 crore to Vikasa EIF Fund This represents a 0.53 per cent stake in JSW Holdings.
The investment firm hit a 52 week high on 07 March 2024 at Rs 7,365.75. The stock of the company has rallied 34 per cent year to date while rallying 45 per cent in the last six months. At current levels, JSW Holdings is trading at a price to earnings multiple of 46.64 times.
For the third quarter of financial year 2024, the company posted a consolidated revenue of 27 crores against 26 crore in the corresponding quarter in 2023. Net profit of the company was recorded at 17 crores in Q3FY24 against 13 crores in the year ago period.
In the first nine months of FY24 (9MFY24), the company revenues decreased by 63 per cent to Rs 142 crores against Rs 382 crores in 9MFY23. According to its financial results report the company’s revenues are majorly contributed through interest income, while it also earns from dividends and management advisory services. According to the company, its main holdings are in the Group’s Steel companies.
The company also appointed two additional and non-executive independent directors to its board on Thursday namely Anuradha Bajpai and Vineet Agrawal. While the company secretary and compliance officer Sanjay Gupta tendered his resignation for exploring alternate opportunities outside the company, the company said in an exchange filing on March 21.