PPFAS Mutual Fund Buys 62 Lakh Shares of THIS company Through an Open Market Transaction

ppfas mutual fund buys 62 lakh shares of this company through an open market transaction

PPFAS Mutual Fund through its affiliate Parag Parikh Long Term Value Fund acquired the shares of Mumbai-based ZEEL on the National Stock Exchange (NSE) in Wednesday’s trading session. The company bought over 62 lakh shares of Zee Entertainment Enterprises Ltd (ZEEL). The acquisition was made at a whopping Rs 88 crore through an open market transaction, as per the information available of the bulk deal data available with the NSE.

The shares were bought at an average price of Rs 141.44, taking the deal value to Rs 88 crore. Details of the sellers of ZEEL’s shares could not be ascertained.

Shares of Zee Entertainment Enterprises gained 1.18 per cent to close at Rs 140.90 apiece on the NSE. Meanwhile, in a post on X (formerly Twitter), PPFAS Mutual Fund said, “There is a bulk deal trade of Parag Parikh Flexicap Fund buying Zee Entertainment Enterprises Ltd shares reported on NSE today. We wish to clarify that this was an Arbitrage transaction.”

Meanwhile, Sensex climbed 342.48 points to 73,338.79 in early trade on Thursday; Nifty up 96.25 points to 22,219.90. Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said the the upward directional move expected from early April has been confirmed by the strong 119 rally in Nifty yesterday. The primary catalyst for the ongoing rally is the huge liquidity flows into the market. DIIs have pumped in a massive Rs 24373 crores into the market during the last seven trading days imparting resilience to the market. Since flows into the market continue and are showing no signs of slowdown, a scramble for high quality stocks with good growth prospects is likely. This was evident in the spurt in Reliance stock yesterday. A significant trend in the market is the steady performance of industrials like L&T, Siemens, Cummins and ABB. This trend is likely to continue.

Pharma is another sector which is on sound footing. It is important to note that the PSU Bank Index which has given stellar return of 90 per cent in FY24, has further potential to go up since there is valuation comfort in the segment.”

(PTI Inputs)